Thank you to the honourable member for his important question. I think right around the world and certainly in Australia, when you see what's happening with bond yields on global debt markets, this issue is attracting a lot of attention. I think it's fair to say around the world it's also attracting its fair share of concern. What I was saying in my earlier answer to my colleague's question, which was along similar lines, is that it's really important right now that Australia's debt position is much, much stronger than our peers'. We have lower gross debt to GDP than any major advanced economy. In fact, it's much lower—less than half—than in the US, the UK and Canada. It's less than a quarter of Japan's. That's really important because, to go to the core of his question, there are other countries where debt is approaching unsustainable levels, but not Australia. Even if you consider that trillion dollars of debt in our budget, the fact is that almost two thirds of it was racked up by the former government.

We've actually made a lot of progress together as a country in the last few years getting that gross debt-to-GDP trajectory down. If you look in the budget papers, there is a graph that shows—if you compare the 2022 pre-election fiscal outlook with the debt position that we're in now, we're in about $200 billion less debt than the trajectory that we inherited. That's really important. But we also acknowledge that the task of responsible economic management, the task of budget repair and doing what we can to get that Liberal debt down where we can, is an ongoing—