Historical look at underlying cash balance as % GDP

[Jovial Monk]

http://blogs.crikey.com.au/pollytics/fi ... alance.PNG

Note the huge deficit from Howard, the surpluses from Keating as Treasurer then big deficits as the worldwide recession hit. Keating was way too slow launching his stimulus, unlike Rudd.

Also note the substantial deficit of Tip's first budget, despite receiving receipts from the last of Labor's privatisations.

Quite a regular sine wave, up and down.

[Jovial Monk]

That chart should be looked at in conjunction with this one:

http://www.jovialmonk.com.au/tom/misc/E ... aTrade.jpg

Trade both ways quadrupled! And East Asia does not cover India to which we also had skyrocketing exports.

like this