ALMOST $200 billion of red ink spilled across the nation’s balance sheet looks to be Treasurer Wayne Swan’s legacy, as forecasters predict budget deficits “as far as the eye can see”.
In five previous budgets, the Treasurer has racked up deficits of $173 billion and analysts tip the promised $1.5 billion surplus in last year’s budget papers will be replaced a deficit of between $10.9 billion to $22 billion.
The size of a deficit will come under heavy scrutiny when Mr Swan stands up tonight at 7.30pm, as Treasury forecasts have been exposed as being based on too-optimistic outlooks.
