Last decade a 'nightmare' for Australian economy: Swan
JUST two weeks after revealing a likely budget deficit of $7.5 billion, Treasurer Wayne Swan has described the past 10 years as an "economic forecaster's nightmare".
The declaration came after Prime Minister Julia Gillard on Monday revealed a $12 billion shortfall in tax revenue.
That shortfall was not included in the last budget update in October last year, which forecast a $1.1 billion surplus for the federal government.
Mr Swan said on Wednesday that "when the facts change, it's incumbent on the Treasurer of this country to change with them, whatever the political cost".
In a speech to the Centre for Economic Development in Melbourne, he said despite the "great economic story" of the country, Australia had hit a perfect storm of torrid global forces and the high Australian dollar.
He said despite the structural problems in the budget, he would not change the government's current medium term fiscal strategy in a bid to reach a surplus in future years.