11.5 Billion Surplus

This from Yahoo News

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Federal Treasurer Peter Costello has announced the nation has a cash surplus that is $2.5 billion more than expected.

The Treasurer has released his mid-year economic and fiscal outlook, increasing the underlying cash surplus to $11.5 billion for the 2005 fiscal year.

He says the economy, which continues to grow, is one of the strongest in the world.

Mr Costello says tax cuts are already legislated for 2006 and any further cuts will depend on the Government's spending needs.

"We go into this Budget round with some spending ambitions from some ministers," he said.

"If we're able to keep spending ambitions to a minimum then the pay-off will always be low tax."

But at a Sydney conference ahead of the Treasurer's announcement, Liberal backbencher and tax reform advocate, Malcolm Turnbull, said a substantial surplus would allow a second round of fundamental tax reform in Australia.

"It is clear there is ample scope to fund reductions in tax, indeed so much is widely acknowledged," he said.

"But these strong surpluses also mean that we can afford to tackle real tax reform."

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Gee.

What about keeping tax levels where they are and spending a billion on education?

And then, maybe they could spend a billion on public health?

That'd leave, like 9.5 billion.

Harry, I don't have your flair for this.

Unsheath the flaming sword!