Political attacks expected before mid-year economic forecast

A STACK of figures from the Coalition Government on the state of Australia's budget is likely to mark the latest round of attacks on Labor's handling of the economy ahead of the mid-year economic forecast next week.

In the financial statements, Finance Minister Mathias Cormann compares current figures to those of the 2007-08 financial year, a budget compiled in the final term of the Howard government.

The figures show Australia has a $29.9 billion fiscal deficit following "the fifth successive deficit recorded by Labor".

Senator Cormann said a Coalition surplus of $24.6 billion in 2007-08 has evolved into a $19.5 billion debt by the 2012-13 financial year.

In the release, Senator Cormann makes no mention of the changing international conditions - including the entire span of the Global Financial Crisis - nor how Australia's financial situation compares internationally.

Australia's level of public debt as a percentage of Australia's market value or gross domestic product sits at 27.1%.

This is roughly half the level of Germany, an economic powerhouse and the country considered the bedrock of the economically troubled European Union.

The mid-year forecast will be published on Tuesday.


Bushfire reported near Glen Esk

Bushfire reported near Glen Esk

People in the area may be affected by smoke

Newly planted trees stolen straight out of soil in parklands

Newly planted trees stolen straight out of soil in parklands

The group planted 35 trees for National Tree Day earlier this year.

UPDATE: Fire sweeps through estimated 3000 hectares

UPDATE: Fire sweeps through estimated 3000 hectares

The fire is still burning, now hitting an estimated 3000 hectares

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