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Labor's disappearing surplus

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Monday, 29 October 2012


During Question Time Julia Gillard could not bring herself to guarantee a surplus in 2012-13.

It is plainly clear that the Government is diluting a two year old iron clad promise. The Prime Minister is walking away from her solemn commitment to deliver a surplus in 2012-13.

The Treasurer in his 2011-12 Budget Speech said: “We'll be back in the black by 2012-13, on time, as promised.” (Source: Budget 2011-12 Speech, 10 May 2011)

The Treasurer then said in his 2012-13 Budget speech: “This Budget delivers a surplus this coming year, on time, as promised, and surpluses each year after that, strengthening over time.” (Source: Budget 2012-13 Speech, 8 May 2012)

In July the Prime Minister even bragged: “We saved jobs, stayed out of recession and got back to surplus.” (Source: Julia Gillard, 4 July 2012)

Just a week ago Treasurer was using Twitter to boast Labor will deliver a surplus: “Mid-year review will show surplus of around $1 billion this year.” (Source: Wayne Swan, twitter, 22 October 2012)

He then said: “So the Government is returning in this budget to a small surplus of around $1 billion in 2012-13, with growing surpluses over the forward estimates.” (Source: Wayne Swan, Press Conference, 22 October 2012)

Now after today’s performance Labor is shirking yet another commitment.

The only certainty with Labor is more taxes, more waste and more debt.

The Gillard Government has no plan for the future and is making it up as it goes along. .