Hand up, the one person in Australia who didn't see this coming?

According to The Sydney Morning Herald on 11 November 2014:

Treasurer Joe Hockey has declined to deny independent analysis indicating a $51 billion hole in his budget, blaming tumbling iron ore prices for putting pressure on the bottom line….

The mid-year economic update is due to be released in December.  It is likely to contain some new government spending measures and further cuts to the ABC and SBS's funding.

Only two months into the government’s first term Hockey admitted in December 2013 that an increase in Abbott Government borrowings had increased Australia’s national debt. See MID-YEAR ECONOMIC AND FISCAL OUTLOOK 2013-14 (MYEFO)

From day one the Abbott Government has spent like a drunk on payday and borrowed like there was no tomorrow, so it comes as no surprise to find that the its first budget is now terminally ailing.

BACKGROUND

So how is Federal Coalition Treasurer Joe Hockey handling Australia’s national budget?

Where is Australian Federal treasurer Joe Hockey sourcing his financial advice?

So how much budget pain is the Abbott Coalition Government inflicting on Clarence Valley residents?

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Federal Treasurer Joe Hockey in danger of becoming a walking talking sovereign risk