Treasurer Joe Hockey and Finance Minister Matthias Cormann release budget update Finance Minister Matthias Cormann and Treasurer Joe Hockey. THE Coalition have today released the final budget update for the year which they say shows the "deteriorating state" of the nation's finances under the six years of Labor rule. Treasurer Joe Hockey and Finance Minister Mathias Cormann released the figures which showed instead of an initial promised surplus from Labor in 2012-13 the budget bottom line has blown out by $20 billion. The often asserted claim by Labor of a fall in revenue and receipts was also debunked by Mr Hockey and Mr Cormann, who said there had been an increase in receipts in 2012-13 of 6.4 per cent or $21 billion. The figures also showed Labor had racked up nearly $200 billion of net debt over the period from 2007-08 to 2012-13. Labor's economic statement in August showed the net debt was predicted to skyrocket a further $100bn over the forward estimates. Net financial worth also deteriorated $298 billion over the period from 2007-08 to 2012-13. Mr Hockey and Mr Cormann said "virtually every single number Labor promised in the 2012-13 budget has turned out to be wrong." Mr Hockey said Labor had promised a surplus on more than 500 occasions. "Today the truth is out, it's a deficit of $18 billion and its rising," he said. In the pre-election fiscal and economic outlook the ALP government projected a small lift in the wafer-thin budget surplus for 2016-17 up from $4 billion to $4.2 billion as a result of the weakening Australian dollar. Mr Hockey and Mr Cormann said "only a Coalition government can be trusted to fix the budget mess left by Labor." The pair said the latest figures showed the predicted deficit in 2013-14 was on track to exceed $30 billion up from the promised $18 billion. "It is a litany of failures in economic promises and represents the truth in Labor's economic management," Mr Hockey said. "We are carefully, methodically going through all the details of the current budget and we will have more to say about the state of the budget in due course," he said. Mr Cormann said that in 2007 Labor inherited a very good budget position and the Coalition was now experiencing the opposite. "The LP has consistently blamed the GFC for their failure to achieve a budget surplus .. but the promises of a surplus were all made after the global financial crisis," he said. We will have further repercussions from Labor's handling of the budget down the track. Mr Cormann said the budget position would be better off as a result of the savings announced during the election campaign that would begin implementation soon. Mr Hockey said the state of the budget today could not be garnered from today's final budget outcome. He said today's figures were simply a final outcome for the 2012-13 budget. "Please do not assume that these numbers are relevant to the state of the books that we have inherited today," he said. We are methodically going through every line in the budget and identifying where the numbers are robust. I'll have a lot to say between now and Christmas about the state of the budget and what we are going to do to fix the budget. Mr Hockey said the numbers in the 2013-14 budgetwere not accurate "because the government changed them in the economic statement." He said the numbers in the economic statement released by Labor in August had deteriorated. "I'm not going to say by how much but they have deteriorated," Mr Hockey said. It's not a significant deterioration but it is a deterioration. Mr Hockey said a change of government had resulted in more confidence in many sectors of the economy. "Australia is now open for business," he said. When asked what he thought was the greatest risk to the Australian econom, Mr Hockey said he was "not going to give an on the run assessment of the current budget." I am not going to start dissecting the Australian economy at our first press conference ... we will do whatever we have to do to ensure growth continues. Mr Hockey said he had a "very good relationship" with Treasury. He said he and some of his fellow Coalition colleagues went down to the Treasury in building to address 900 employers. "I said to them a strong Treasury is a strong Treasurer and we need to work together on the basis of mutual respect," he said. I will not be using the Treasury as a political shield or political sword. Mr Hockey said the Coalition's finance team was also hard at work "cleaning up Labor's mess of announced but unlegislated changes to taxation." "We are carefully going through those initiatives," he said. We've got a full dance card and you will see considerable announcements from us before Christmas.