Budget still in crisis says Cormann

Finance Minister Mathias Cormann says the federal budget is still in crisis. Source: AAP

FINANCE Minister Mathias Cormann says the federal budget is still in crisis and the magnitude of the problem will be spelled out in the mid-year economic and fiscal outlook (MYEFO) before Christmas.

Senator Cormann said that would reveal the full state of the budget after taking into account all the hidden problems discovered since the election.

Under Labor, Senator Cormann said the budget was in a state of emergency, with declining revenue and a growing deficit.

Asked if there was still a budget emergency, he said yes.

"We inherited a budget in very bad shape from the Labor Party, a $30 billion deficit at the time of the election and deteriorating, net debt heading for $200 billion, gross debt heading well beyond $300 billion," he told the Ten Network.

In opposition, Senator Cormann declared the budget in crisis but Labor now says the coalition government isn't behaving as if there was any problem.

Senator Cormann said that was because the coalition wasn't responding in a panicked fashion as Labor would have.

"Yes we are dealing with a budget emergency but we are dealing with it in a methodical, orderly, purposeful fashion," he said.

Senator Cormann said the government was now working through the figures for MYEFO.

"We are keen to ensure that the revenue data in particular is as accurate as possible, which is why we want the September national accounts data reflected in MYEFO. That will come out in early December," he said.

Senator Cormann would not say whether MYEFO would contain any harsh measures such as cuts to services.

He said the government was implementing promised saving measures and scrutinising Labor's pre-election discretionary grants spending.

The commission of audit would also identify opportunities for structural efficiencies.

It will deliver its interim report by the end of January and the final report by the end of March with recommendations reflected in the 2014-15 budget.

"The MYEFO will clearly articulate the problem that we have inherited with Labor's last budget. The first coalition budget will be our plan to fix the budget emergency," he said.

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