Labor Government
Background
The Leader of the Opposition cited record debt levels, interest rate rises, and business insolvencies under the current government.
Question
The member asked the Prime Minister to quantify the cost of the national debt to Australians on a per-minute basis, citing a trillion-dollar debt figure.
Answer from Anthony Albanese
The Prime Minister stated that the previous government had more than doubled the debt before the pandemic and left a $78 billion deficit with no surplus projected until 2060-61. He noted that the current government had delivered back-to-back surpluses and reduced debt by $173 billion compared to 2022 election forecasts, saving approximately $70 billion in interest costs. He cited positive assessments from S&P Global and Moody's regarding Australia's fiscal performance and low debt ratios. The Prime Minister also claimed the opposition had pledged over $500 billion without funding.
Summary in reported speech - not a transcript. AI-generated, so check the source.