Economy
Background
Reports indicated that Australia's national debt had reached $1 trillion for the first time.
Question
The senator asked whether the government could confirm that national debt had hit $1 trillion. He subsequently questioned whether the government would continue to increase debt despite rising interest expenses, and requested a projection of the peak level of gross government debt.
Includes 2 supplementary questions.
Answer from Penny Wong
The minister stated that the government maintains transparency regarding debt levels and noted that under the previous coalition government, debt would have exceeded $1.2 trillion. She cited Budget Statement 1, which projected gross debt at $1,051.0 billion by 30 June 2027, a figure $18.0 billion lower than the May Economic and Fiscal Outlook and $173.0 billion below the 2022 Pre-Election Economic and Fiscal Outlook. She emphasized that the government has delivered two budget surpluses and that the current debt trajectory is lower than what was inherited. Regarding the specific peak projection, she directed the senator to the budget papers and reiterated that the debt position is better than it would have been under the opposition.
Summary in reported speech - not a transcript. AI-generated, so check the source.
Read on OpenAustralia · Official Hansard (APH) · 1 point of order raised