The Government must be thinking about a March election, or even sooner, because they cannot possibly be serious that they will present a budget in May. Their latest fiscal horrors from The Australian:

WAYNE Swan has vowed deeper cuts to turn the budget around and post a surplus after last financial year’s deficit doubled to $43.7 billion from its original forecast 15 months ago.

Plunging company tax receipts contributed to the size of the deficit, slumping $876 million in the final two months of 2011-12.

The 2011-12 budget outcome, released by the Treasurer today, reveals a minor improvement in the final numbers compared to the May budget forecasts, with the underlying cash deficit coming in $661 million higher at $43.7 billion from $44.4 billion.

But despite the update, the final deficit is almost double the shortfall originally predicted in the May 2011-12 budget, when Mr Swan forecast a $22.6 billion deficit.