FORMER treasurer Wayne Swan has lashed out at his successor for "dishonesty of the highest magnitude" and fiddling the budget figures, after Joe Hockey forecast four years of deficits amounting to $123 billion.
Mr Swan, now a Labor backbencher, has joined colleagues in accusing Mr Hockey of padding out the economic forecasts to paint a bleak picture of the budget.
The mid-year budget outlook forecast deficits to 2016-17 of $123 billion, $68 billion more than the pre-election outlook in August.
Underpinning the deteriorating figures are growth forecasts well below the long-run average, which Mr Swan said were being used to "make the numbers look as bad as possible".
"Out of his $68 billion in additional accumulated deficits over the next four years, $54 billion comes from his forecasting fiddle and the rest is spending decisions he's taken since being elected just over three months ago," Mr Swan wrote on his Facebook page.
"He's trying to put these large write downs all at the feet of the previous Labor government.
"This is dishonesty of the highest magnitude."
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