Are we having a 'budget emergency' or are the national coffers in good shape? Sometimes it's hard to tell

How the Coalition's position on the budget and economy has changed

20 December 2012: Tony Abbott

"The Howard government delivered a surplus of 1.5% of GDP … This [the Labor government] is a government that is an utterly incompetent economic manager and that is why we are in this predicament … Based on the current figures there will be a surplus in every year of an incoming Coalition government."

19 April 2013: Tony Abbott

"We will deliver surpluses, but we can't say exactly when until we know exactly what the starting point is."

22 April 2013: Joe Hockey, shadow treasurer

Asked about when the Coalition will achieve a surplus.

"We can only go on the information that's available. And everyone's saying, 'Come on Joe, come on Tony, tell us what the numbers are going to be in four years' time.' I don't know what the numbers are now. I'm not so much of a mug to put in a blind offer and have the vendor lie about the books for the past five years."

16 May 2013: Tony Abbott

In his budget reply speech, talking about the Labor spending cuts implemented as a result of falling revenue.

"Thanks to Labor's poor management over five years there is now a budget emergency. Hence the Coalition may decide not to oppose any of them [the cuts], doesn't commit to reverse any of them and reserves the option to implement all of them, in government, as short-term measures to deal with the budget emergency Labor has created."

25 August 2013: Tony Abbott

"By the end of a Coalition government's first term the budget will be on track to a believable surplus. Within a decade the budget surplus will be 1% of GDP, defence spending will be 2% of GDP, the private health insurance rebate will be fully restored and each year government will be a smaller percentage of our economy."

7 September 2013: Arthur Sinodinos, Liberal senator tipped as finance minister

During election night coverage, Sinodinos says the economy is in "good shape".