The figures come from the Reserve Bank of Australia. And as I stated before, if Whitlam's time was one of little if any budget deficit then why did he have to try and borrow up to $8B by illegal means and through dodgy middle eastern business people?
And it was illegal since there existed a Loans Office which the Government was supposed to go through for foreign loans. Why did he do it if he wasn't severely cash-strapped?
I would also point out that his 'reforms' cost money and were designed to attract ever more recipients so the cost was always going to go higher. Since Fraser did not rescind the reforms he was up for the continually increasing cost.
And what of those reforms? Free tertiary education didn't last long as it was completely unsustainable. Healthcare remains but at what cost? If costs keep going up the way they have been over the last few years then some of the States' budgets will be 100% taken up by just health care costs. It is unsustainable.
He also tried to get central control of wages and prices. Thankfully he failed. He started the process of interfering in State education. The result? No improvement in education standards since the 1970s...
Overall he was a numpty when it came to financial and administrative matters. A number of his 'reforms' were in the end just too costly.
However, I did like that he cut tariffs and also got rid of compulsory conscription. I give him a tick for China but a cross for allowing Indonesia into East Timor.
He was also a man of some considerable intellect, wit and charm. Something you cannot say about Gillard and Rudd.
For confirmation of Whitlam's financial failures we can look at the economy. Did it improve under Whitlam? The answer is a resounding no. Yes he did have the oil crisis of 1973 but his budget response was, according to political historian Brian Carroll, to "put major emphasis on the Party's social objectives rather than on moderating the obvious expansionary trends in the economy".
By 1974 Australia was in an economic slump. Inflation was over 13% and part of the reason was Whitlam increasing wages and conditions of the Commonwealth Public Service to make it the pacesetter for the private sector.
Despite the obvious economic warnings the 1974 budget also emphasised the social objectives. There were large increases in spending at a time when inflation was rampant.
But let's leave the final word on how good Whitlam was to the people. After his dismissal he contested two more elections and got soundly rejected both times. The people had spoken.
