Malcolm Turnbull Wentworth, Liberal Party, Leader of the Opposition
2:14 pm
My question is to the Prime Minister. I refer the Prime Minister to his statement in the House yesterday that government debt will peak at $300 billion. I also refer him to the Treasurer’s statement minutes later that government debt will reach $315 billion. Can the Prime Minister inform the House whether public debt will peak $15 billion higher than he advised the House yesterday?
Kevin Rudd Griffith, Australian Labor Party, Prime Minister
I thank the honourable member for his question. Gross public debt peaks at $300 billion—
Unidentified interjection - Hansard doesn't record who said this
Opposition Members:
Opposition members interjecting—
Kevin Rudd Griffith, Australian Labor Party, Prime Minister
As I said to the House yesterday, gross public debt—
Unidentified interjection - Hansard doesn't record who said this
Opposition Members:
Opposition members interjecting—
Harry Jenkins Speaker
Order! The question having been asked, I would have thought members would be interested in the answer.
Kevin Rudd Griffith, Australian Labor Party, Prime Minister
I thank the honourable member for his question. Gross public debt peaks, as I advised the House yesterday, at around $300 billion, which is 21.7 per cent of GDP. When it rises in aggregate terms to $315 billion, that is 21.4 per cent of GDP. As I advised the House yesterday, therefore, ‘peaking’ is at 21.7 per cent of GDP, which is around $300 billion.