It’s exactly eight years to the day since Malcolm Turnbull described $200 billion of gross debt as “frightening” – a figure that now sits at $486.5 billion under his own Government.

The first time he was temporary leader of the Liberal Party, Mr Turnbull said on radio:

            “It is frightening the level of debt that they’re running up … when we come into Government we will set out a plan to retire that debt, I can assure you.”

            (Malcolm Turnbull interview with Michael Smith on 4BC, 8 April 2009) 

When Mr Turnbull made those comments, he was scaremongering about the $200 billion gross debt cap in place during the Global Financial Crisis.

But his Treasurer will soon be forced to increase the cap beyond $500 billion without a global downturn to point to.

On current projections gross debt will crash through the half-a-trillion-dollar mark in 114 days’ time because of the incompetence of Mr Turnbull, Scott Morrison and Mathias Cormann.

The Australian Office of Financial Management revealed during Senate Estimates that gross debt was likely to reach that threshold by the end of July.

If the level of debt was “frightening” in 2009, the Prime Minister must be petrified now.

Instead of retiring debt as promised, gross debt has blown out by more than $206 billion under the Liberals; net debt has blown out by $100 billion for the current year; and the deficit for this year has more than tripled from $10.6 billion in the Liberals’ first Budget to $36.5 billion now.

At the same time, wages growth is at record lows, unemployment is at the same level as the peak of the Global Financial Crisis and more Australians than ever can’t get enough hours at work.

The Liberals are better economic managers? Don’t think so.