The Mid Year Economic and Fiscal Outlook released by Treasurer Scott Morrison in December 2016 gave us an update of the budget numbers for the current financial year and the forecasts or estimates for the next few years.
They are always interesting to analyse to judge the size of government, the accumulation of government debt, change in tax and spending and other issues associated with managing a $1.75 trillion economy that will be a $2 trillion economy in 2020.
I was looking through the numbers, in a welcome distraction from issues relating to Donald Trump, and found the following facts.
In the five budgets of Rudd / Gillard Labor, from 2008-09 to 2012-13 inclusive, the accumulated budget deficits totaled $191.164 billion.
Under the five budgets of Abbott / Turnbull Coalition, from 2013-14 to 2017-18 inclusive (the last two years are based on the MYEFO forward estimates), the accumulated budget deficits are $191.137 billion.
The difference between the two, over 5 years of policy making, terms of trade roller coasters, parameter variations and the like is a tiny $0.027 billion or $27 million.
I though this was sort of interesting given the intensity of discussion about debt and deficit.