Fix federal government debt
Federal govt debt is out of control - now $891 billion.(Gross debt was "only" $54 billion on 3 Dec 2007.)
$ 93 billion debt: Rudd ALP govt (31 months)
$104 billion debt: Gillard ALP govt (36 months)
$ 24 billion debt: Rudd-2 ALP govt (2 months)
$113 billion debt: Abbott LNP govt (24 months)
$142 billion debt: Turnbull LNP govt (35 months)
$357 billion debt: Morrison LNP govt (45 months)
$3 billion debt: Albanese ALP govt (so far...)
The ALP & LNP are the deficit twins.
They fail the most basic task of management: Unwilling to live within their means.
They spend money they don't have (to buy votes) by borrowing more & more debt, creating a huge mess for someone else to fix!
Too much debt, always ends badly.
The federal govt department that manages govt debt is the Australian Office of Financial Management.
The debt numbers are updated every Friday afternoon: www.aofm.gov.au
There is extra HIDDEN debt (e.g. NBN $50 billion etc.) deliberately hidden OFF the balance sheet - not included in these numbers!
Malcolm Turnbull (7 May 2018): "We don't want to throw a mountain of debt onto our children and grandchildren."
That's exactly what they have created - a mountain of debt.
Here are the end-of-month federal govt debt numbers:
Former Treasurer, Peter Costello (7 May 2018): "The probabilities are, that we will NEVER get back to where we were."
(The Howard LNP govt left $54b gross debt when removed from office - Dec 2007).
Debt was $ 54.2b when Rudd became PM (3 Dec 2007).
Debt was $147.7b when Gillard became PM (24 Jun 2010).
Debt was $251.9b when Rudd became PM (27 Jun 2013).
Debt was $275.8b when Abbott became PM (18 Sep 2013).
Debt was $389.2b when Turnbull became PM (14 Sep 2015).
Debt was $531.2b when Morrison became PM (24 Aug 2018).
Debt was $888.0b when Albanese became PM (23 May 2022).
Debt now $891.0b
Liberal = Labor = Deficit twins.
We will cut the waste & implement tax reform to repair the budget.