Respected forecasters Deloitte Access Economics estimate in their latest Budget Monitor that Swan's forecast surplus of $1.1 billion will be a deficit of $4.2 billion in 2012-13.

THE mining industry says the government should have expected the proceeds from the mining tax to be highly volatile, with an estimate by Deloitte Access Economics today suggesting it will add no more than a net $500 million to the budget bottom line this year.

This represents a $1.5 billion hole in the budget from the mining tax alone - enough to wipe out the Gillard government’s promised 2012-13 surplus of $1.1bn. The Australian revealed last month that none of the major resources companies had paid mining tax in its first three months this financial year.

“Absent further policy changes, we see 2012-13’s hoped-for surplus turning into a cash underlying deficit of $4.2bn. That is $5.3bn worse than Treasury forecasts,” it says.

http://theaustralian.com.au/national-affairs/treasury/bn-mrrt-tax-shortfall-sinks-surplus-hope/story-fn59nsif-1226510236588

I learned a long time ago... never to spend money you havent earned yet..he had no idea what to expect from the mining tax.. I am sure hhe didnt expect NOTHING.. ;D ;D ;D what a goose..

bit even so to spend it like they have just goes to show what clowns they are...shouldnt be in charge of a chook raffle let alone a multi billion dollar business like Australia.

Whats the bet Swan makes at least another 4.5 billion dollars in cuts..Lets be honest 4.5 billion dollars is a drop in the ocean when it comes to this countries annual budget.