Geez he’s quick on his feet this one:
Treasurer Scott Morrison has staunchly denied he has “promised” returning a balanced budget by 2021 – the line drawn in the sand by S&P Global Ratings – saying it will depend on the support of a restive Senate cross bench and Labor.
The government’s 2020-21 budget “surplus” will come in at a wafer-thin $1.087 billion, which Treasury estimates is the equivalent to 0.1 per cent of gross domestic product, but the department has rounded that figure upwards.
Mr Morrison said the figure is is a “projection” that is based on the government’s best data and assumptions “that we have available to us right now”.
The Treasurer said the ratings agencies would make their own assessments based on their own data.
It was clearly a non-core surplus. Hang your heads S&P cowards.