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staff points out the truth, such as the fact that the "$1.35 trillion" tax cut will actually cost at least $2.5 trillion, it becomes all too obvious that you'll be raiding the Social Security surplus year after year, with no end in sight.
Seasonal persistence is large over regions receiving excessive rainfall, while drought years are noted to have large intraseasonal SM persistence compared to that of surplus year.
I pointed out that no previous chancellor, no previous Conservative PM has promised a budget surplus year in year out precisely because it could lead to cuts in public spending.
The number represents a record deficit for the month of July – usually a surplus year – and also the first time the government accounts have been in the red in that month since 1996.
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(The exceptions were the budget surplus years 1998 to 2001).
But most economists attribute the surplus years primarily to extraordinarily rapid growth.
A few timely adjustments to the cycle also helped by allowing him to include two surplus years when the budget looked tight.
Declaring that the "surplus years are here", he said the current financial year's deficit of A$44 billion ($44.8 billion) would become a A$1.5 billion surplus in 2012-13, the first since Labor took power five years ago.
That puts the onus on the Australian central bank to do more, particularly as Australia's Labor government is politically shackled to a painful fiscal tightening aimed at delivering a promised budget surplus years before most other developed nations.
Until this summer, 2010 and 2011 were seen as surplus years.
The balance is currently about $2.5 trillion because after the early 1980s the program had surplus revenue, year after year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com