Last night Scott Morrison had to do what no Australian Treasurer has ever had to do before: raise the government’s debt cap to an unprecedented $600 billion.

For the first time ever in Australia, gross debt will crash through half-a-trillion dollars by the end of the financial year – only 51 days away – and will keep rising substantially after that.

The $20.7 billion in new taxes announced last night are the price Australians will pay for four years of Budgetary chaos, incompetence, division and dysfunction.

The tax hikes would not have been necessary were it not for the Turnbull Government’s tax cuts for the top end of town and their fiscal failures which include:

• Record net debt for the next three years;
• A deficit for the coming 2017-18 year which is 10 times bigger than was predicted in the Liberals’ first Budget, and;
• Gross debt equivalent to $20,000 for every man, woman and child in Australia.

Even more humiliating for Morrison is that he will have to raise the debt cap again and again, given his own numbers show gross debt is still projected to hit $606 billion by 2019/20 and $725 billion by 2027/28.

Compared to last year’s Budget, GDP growth is down, employment is down, wages growth is down, unemployment is up and the Turnbull Government is forecasting almost 100,000 fewer jobs.

So much for jobs and growth.

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