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.
The Gillard government promised in the May budget this year that it would post a $1.5 billion surplus in 2012-13.
The size of the 2011-12 deficit worsened sharply in last year's mid-year economic and fiscal outlook to $37.1 billion, and to $44.4 billion in the May budget.
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