It's about comparing apples with apples, which Costello's era and the current era are completely different.
The current governments receipts went down for the first 3 years of government, (a total of $5.4 billion less).
2011-12 was the first year receipts went up for this government, (giving a total increase of $24.6 billion over 4 years).
In contrast Costello receipts increased $96 billion over their first 4 years of government, (15 odd years ago).
Considering that is the equivalent of Costello getting enough extra receipts in 4 years to pay off all the governments debt.
I would still rate Costello higher than Swan, but not because of the previous surplus and the current deficit. As Swan would have been able to delivered a surplus in Costello's era, and Costello would of had a deficit in Swans era.
The only disputed difference would of been the amount of deficit or surplus each would have achieved.
P.S. The NBN has been accounted as it is supposed to be. Kevin Morgan has been anti NBN since its inception.
The GFC, the $100b stimulus, ongoing world economic issues, around 3% less government receipts per annum, etc. account for a large portion of Australia's debt.
The table above has government receipts and payments over the last 30 plus years so you can compare previous years and governments.
Government receipts
$294.9b 2007-08 $292.6b 2008-09 -$2.3b less receipts from 2007-08 $284.7b 2009-10 -$10.2b less receipts from 2007-08 $302.0b 2010-11 +$7.1 more receipts from 2007-08 $329.9b 2011-12 +$35b more receipts from 2007-08
Total $5.4b less receipts from 2007-08 to 2010-11, 2011-12 total increase in receipts from 2007-08 to 2010-12 was a total of $24.6b (over 4 years).
For a comparison Howard had an increase in receipts of almost a Trillion dollars (excluding asset sales), which was used to pay down a $90b debt, (over 11 years).
History of Government Securities on Issue,
1983 19.6% of GDP (Howard (Treasurer)) 1996 20.8% of GDP (Keating) 2007 4.9% of GDP (Howard) 2012 15.9% of GDP (Gillard)
