I think EZ you have fallen into this trap before - confusing calendar years with financial years. e.g. if we are talking about 2009 it is no good quoting the 2009 financial year ending March 31 2009 as being "2009". This why you went off the rails earlier in discussing Cullen's stewardship in terms of gov't deficit. You also need to be careful which gov't deficit you pick as there are about half a dozen alternatives.