Angus Taylor (Hume, Liberal Party, Leader of the Opposition) | Link to this | Hansard source

My question is to the Prime Minister. Under Labor, Australians have suffered lower real wages, higher unemployment, 15 interest rate rises, a housing market smashed, all-time-record business insolvencies, record levels of immigration and, today, a trillion dollars of debt. Prime Minister, how much is Labor's debt costing Australians every minute?

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

I'm asked about debt, and I'm happy to give some facts. Fact 1: the former government, in which the Leader of the Opposition served as a senior minister, more than doubled the debt before the pandemic.

Fact 2: when I came to office in 2022—I'm responsible for the period since then—the budget was in deficit to the tune of $78 billion, with no surplus projected at any time before 2060-61 and with nothing to show for it.

Fact 3: this Labor government has delivered the first back-to-back surplus in almost two decades.

Fact 4: debt in 2026-27 is $173 billion lower than was forecasted at the 2022 election, and this has saved around $70 billion in interest costs over that decade.

And fact 5: when it comes to global economic bodies examining objectively Labor's budget management, this is what S&P Global had to say just over a week ago:

Australia's fiscal performance is sound … Australia has modest public debt by international standards.

Moody's this week said fiscal policy has been:

… adaptive, reflected in the consolidation of pandemic-era deficits into nearly balanced budgets over a short span of time, underpinned by prudent management of commodity revenue windfalls and targeted relief measures. Debt ratios at the Commonwealth level remain low.

Fact 6: the coalition has so far made unfunded promises totalling more than half-a-trillion dollars over the next nine years—a receipt for more deficits and more debt.

Opposition Members:

Opposition members interjecting—

Milton Dick (Speaker) | Link to this | Hansard source

The member for Spence is warned. Order! When the House comes to order, we'll hear from—order! Members on my right will cease interjecting.

Order! The Prime Minister will cease interjecting.