A year after the government promised that the days of overestimating revenue were at an end, Treasurer Joe Hockey has unveiled another write-down for revenue this year and in following years. That's on top of the write-down back in May. Since the Pre-Election Economic and Fiscal Outlook in August 2013 -- the one genuinely independent guide to the nation's budget, prepared without government interference by Treasury and Finance -- the 2014-15 budget deficit has blown out by nearly $16 billion, despite the government's constant rhetoric about its bringing the budget back under control, and despite all the political pain that the government has endured. And the deficits for the years beyond have gone up by nearly $50 billion, we have learned in this year's Mid-Year Economic and Financial Outlook.
For the man who promised, as late as January 2013, to deliver a surplus in his first year and every year after that, it's an inglorious failure. This is how Hockey's fiscal problem has unfolded since his first MYEFO in December 2013 (forecasts surpluses appear as negatives).