Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

It is the case that I released on Friday, 16 November the monthly financial statements. The underlying cash balance for the period to 31 August 2012 was a deficit of $7.4 billion. I note that, compared to a budget profile of a deficit of $7 billion, the fiscal balance was a deficit of $5.2 billion compared to a budget profile of fiscal balance year-to-date for 2012-13. I would also make the point that these statements are compared against the budget profile, not against the midyear review. Obviously July and August statements are set against the May budget profile. In fact, the statements are consistent with the midyear review handed down last month, reflecting the further revenue write-downs and weakening global economic conditions since the budget was handed down in May. Senator, I cannot recall the exact number in the question, but I suspect, given my answer, it was probably about right.