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More budget bad news.



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M E D I A S T A T E M E N T

Senator Stephen Conroy Deputy Opposition Leader in the Senate Shadow Minister for Finance

22 March 2002

MORE BUDGET BAD NEWS

Figures released today by the Minister of Finance show a large jump in the deficit confirming that the budget risks plunging out of control.

“The cumulative underlying cash balance is now at a deficit of $9 billion. This is proof of the Government’s pre-election spending spree.” said Senator Stephen Conroy, Shadow Minister for Finance.

“Before the election the Treasurer promised Australians that the budget would stay in surplus. These figures raise serious doubts about whether this will be achieved.

“The Finance Minister has once again waited until Parliament has risen to release these alarming figures. This is another instance of a Government desperate to avoid scrutiny and accountability,” Senator Conroy said.

Cumulative Underlying Cash Balance

-15000

-10000

-5000

0

5000

10000

15000

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June

1999-2000 2000-2001 2001-2002

Source: Monthly Statements, Minister for Finance

Deficit

Surplus

current result for 2001-02

1999-2000

2000-01

Further information: Stephen Conroy: 0418 383 965 Diane Brown: 0419 971 096