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1997

$95.2 billion

1998

$83.9 billion

1999

$80.4 billion

2000

$72.1 billion

2001

$64.1 billion

2002

$62.5 billion

2003

$61.7 billion

2004

$59.5 billion

2005

$60.1 billion

2006

$59 billion

2007

$58.2 billion

8

Australian Federal and State Budgets - An Overview

Commonwealth Government Bonds on Issue: 1997-200737

billions of dollars

-10.0

2000-

2001-

2002-

2003-

2004-

2005-

2006-

2007-

2008-

01

02

03

04

05

06

07

08

09

The current ALP federal government (led by Kevin Rudd), just over a year after its November 2007 election victory, decided to address the global financial crisis

through a $42 billion stimulus program.38

To finance the program, the Rudd

government decided to allow the budget to run into deficit. Whereas the Howard government’s 2007-08 budget provided for an estimated surplus of $19.7 billion, the Rudd government’s 2008-09 budget foreshadowed an estimated budget deficit of just over $32 billion.39 This course of events in federal government budget surpluses and deficits, for the period 2000-01 to 2008-09, can be seen below:

Australian Government Budgets (Surpluses/Deficits): 2000-01 to 2008-0940

30.0 20.0 10.0 0.0

  • -

    20.0

  • -

    30.0

  • -

    40.0

37

Reserve Bank of Australia, Statistical Tables – Commonwealth Government Securities on Issue, table E10, n.31.

38

The plan was announced in early February 2009 and included provision for $28.8 billion to be spent on infrastructure and for $12.7 billion to be transferred to the general population in the form of a $900 cash payment. See Matthew Franklin. “PM Kevin Rudd Goes for Broke with $42 bn Stimulus Package” in The Australian, 4 February 2009,

39

Commonwealth Government, Commonwealth of Australia Budget 2009-10, Budget Paper No.1, p.10-6.

40

Commonwealth Government, n. 39, Budget Paper No.1, p.10-6.

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