Finance Minister Mathias Cormann claims Labor inherited a $20 billion surplus when it came into office in 2007 and then turned it into a record deficit.

Labor Opposition Senate Leader Penny Wong claims the Government has tripled the budget deficit in two years, and increased net debt by $100 billion since coming to office.

This study quantifies the macroeconomic and welfare effects of three proposed fiscal measures to eliminate Australian government budget deficits and to reduce public debt by 2030, namely: (i) temporary income tax hikes; (ii) temporary consumption tax hikes (increases in the GST rate); and (iii) temporary transfer payment cuts.

Treasurer Joe Hockey is the "Masterchef of cooking the books" according to his Opposition counterpart Chris Bowen, who has repeatedly accused the Coalition of using "voodoo economics" to create a sense of crisis to justify dramatic spending cuts in the bu

The report focusses on movements in the estimated structural budget balance over the past decade and through the 2013-14 budget and forward estimates years.