Howard left federal Budget in surplus (letter)by Senator Nick MinchinNews Weekly
, March 19, 2011
Patrick J. Byrne asserts that "in Howard's last year ... the federal Budget went into deficit ("Business leaders call for national investment fund", News Weekly
, March 5, 2011).
This is wrong. The Howard Government left the federal Budget in surplus.
The last financial year of the Howard Government was 2007-08. As the current Budget papers affirm, the Budget outcome for 207-08 was a surplus of $19.7 billion in underlying cash terms, and the fiscal balance was a surplus of $21 billion.
The federal Budget has been in deficit ever since that surplus in the last year of the Howard Government.Senator the Hon. Nick Minchin,
Liberal Senator for South Australia,
Kent Town, SA