Terry McCrann says the black hole Labor claims to see in the Coalition costings is dwarfed by real crater in its own finances:
The Government’s claiming ... there’s a $70 billion hole in the Opposition’s budget number.
That’s nothing, Treasury ... has a $97 billion hole in its own budget numbers.
The 2010 PEFO ... projected budget bottom lines for the years 2010-11 through 2013-14 that added up to a total deficit of $43 billion.
The outcomes - assuming of course, Treasury’s latest projection for the current year is reasonably close - is actually $140 billion of deficits.
And that’s when revenue has risen, not fallen.
Janet Albrechtsen says Penny Wong may be nice, but as a Finance Minister she has been a $106 billion disaster:
Starting with that first budget - 2011-12 - when Wong was Finance Minister, she and Labor predicted a budget deficit of $22.6 billion in 2011-12.
She was out by more than $20bn. The most recent budget in May revealed a deficit for 2011-12 of $43.3bn.
It gets worse. In that first budget, Wong predicted a surplus of $3.5bn for 2012-13. She was out by $22.9bn with the actual result being a deficit of $19.4bn.
And, yes, it gets even worse. In that first 2011-12 budget, Wong predicted a surplus of $3.7bn for 2013-14. By July this year, Wong was already out by $33.8bn this time. Her economic statement revealed a deficit of $30.1bn.
Back in 2011-12, Wong promised a surplus of $5.8bn for 2014-15. Now Wong tells us it will be a $24bn deficit, putting her out by another $29.8bn.
Cumulatively that makes Wong the $106 Billion Woman. That’s not an accounting error. That’s record incompetence.
David Uren doesn’t believe the PEFO forecast of Labor’s first surplus in a quarter of a century:
Let’s take a look at PEFO. It continues to run with ludicrously optimistic projections on revenue growth.
Receipts are expected to grow by 22 per cent between 2013-14 and 2016-17, moving the ratio of receipts to GDP from 23.6 per cent to 24.8 per cent over a period of time when growth is at or below trend.
Sounds implausible? It is.
Certainly, Treasury is a tad defensive about the inexplicable drop in the rate of unemployment from 6 1/4 per cent in 2014-15 to 5 per cent in 2015-16 as outlined in the projections.
It’s OK, evidently - the Treasury has done this sort of thing before. Don’t we understand that it is just a projection and the Treasury simply bungs in the trend figures, even if they don’t make any sense?
The document suggests revenue could easily be $30 billion a year less than the budget forecasts, while spending could be rising 50 per cent faster across the next decade than dictated by the government’s budget strategy.
It says there is a 70 per cent chance that nominal gross domestic product growth - which is the value of all goods and services produced - could be as little as 1.75 per cent a year for the next three years against a central forecast of 3.5 per cent.
The pre-election fiscal outlook, or PEFO, also shows there could be a $3.5bn hit to the budget if the Papua New Guinea asylum-seeker solution does not work and it highlights that carbon tax revenue could be vastly different from budget projections.
Labor lies showing just how desperate they are. I believe Labor has no cred to even try to go neg on Liberals re the figures after they have lied for years about just how bad the budget is & now blown out 30 billion in 3 months.
Anybody who even gives this disgraceful lot of liars credibility is deluding themselves, they won't know what hit them on Sept 7th.
The tsunami is heading Labor's way. The libs are going to annihilate them, starting as soon as they launch their campaign.
They have millions to spend because Australians have donated millions to get rid of the worst government in our history. 
