Surprise surprise the Government operating surplus for the 11 months to May was $7.46 billion - $675 million ahead of the forecast in the May 19 budget, Treasury said today.

This makes all of Dr Cullen's protestations the cupboard is bare look completely fallacious. Net cash flow from core operating and investing activity was $3.3 billion - $708 million higher than forecast, reflecting higher than forecast tax receipts of $418m.

If this was a business and management missed the profit they forecast (albeit on the up side) by 10% or $675Million only 41 days after publishing a Prospectus (eg The Budget) they would have the Securities Commission all over them.

Cullen is a mendacious, dissembling sophistrist.