Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Hansard source

I'm asked about government spending. We're the first government in almost two decades to deliver back-to-back budget surpluses. We've returned over 70 per cent of all tax receipt upgrades to the bottom line, compared with our predecessors, who returned about 40 per cent. Debt in 2024-25 was $188 billion lower than what was forecast in their budget in 2022, handed down by Josh Frydenberg. This has saved the nation around $60 billion in interest costs. Under this government, average real annual spending growth is 1.7 per cent over the seven years to 2028-29. This is around half of the 30-year average of 3.2 per cent, and it's less than half of what it was under the former coalition government of 4.1 per cent.

The ratings agencies have all reaffirmed Australia's AAA credit rating. Last September, S&P said:

Sound fiscal metrics support our 'AAA' long-term sovereign credit rating on Australia.

Australia's fiscal performance is sound. Fitch said:

Fitch Affirms Australia at 'AAA'; Outlook Stable.

The Parliamentary Budget Office found—at election time in 2025, less than a year ago—that our platform would improve the budget over the medium term, and they concluded that those opposite had a platform that equalled higher taxes, bigger deficits and more debt. That's just a fact. All up, the coalition would have increased deficits by $135 billion over the coming decade and added $147 billion to government debt. That is after they were going to slash essential services, get rid of more than 40,000 public servants and not just not have the income taxes that we are going to reduce but legislate to increase income taxes for every single taxpayer. That is what they had to say! They're the facts. They don't like it, but they are the facts as we go forward. We're happy to have a debate with them about the facts, because those opposite are just focused on disagreeing with each other. (Time expired)

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