In the two years since the last election Malcolm Turnbull, Scott Morrison and Mathias Cormann have added $44.6 billion to net debt and $111.5 billion to gross debt.
 
With debt at record highs, it’s clearer than ever that the Liberals are failing the budget tests they set for themselves.
 
They promised to pay down debt but instead it has skyrocketed.
 
Given how significantly the Budget has deteriorated on their watch, it’s hardly surprising they no longer talk about the so-called debt and deficit disaster they used to bang on about.
 
Under Turnbull, net debt for this financial year is double what it was when the Liberals first came to office.
 
Gross debt crashed through half-a-trillion dollars on Turnbull’s watch for the first time ever in the nation’s history, and his own Budget papers expect it to remain well above half-a-trillion dollars every year for the next decade.
 
Both kinds of debt are growing quicker under this Government in good global conditions than they did under Labor, which had a Global Financial Crisis to contend with.
 
The arrogant and out-of-touch Liberals are only making things worse by insisting on an $80 billion-plus tax handout for multinationals and the big banks, and high-end income tax cuts for those who need them least.
 
Turnbull’s obsession with the top end of town is not only hurting middle Australia, but the Budget as well.
 
Labor’s approach to the Budget is fairer and more responsible – we are able to look after the most vulnerable in our community and manage the Budget in a better way because we have made the big policy calls, and we have got them right.