The Australian Office of Financial Management has confirmed the Turnbull Government will crash through half-a-trillion dollars in gross debt within the next month, for the first time ever in this country.

Late last night AOFM officials told Senate Estimates that gross debt was on track to eclipse $500 billion by the end of June:

SENATOR JENNY MCALLISTER: For 2016/17, it indicates that face value at the end of the year hitting $501 billion. Can I just confirm that that is the total CGS (Commonwealth Government Securities) on issue?

ROBERT NICHOLL, AOFM CEO: That would be the total CGS on issue projected at the end of the year, so by 30 June, yep.

(Senate Economics Legislation Committee Estimates, 30 May 2017)

The Treasurer was forced to raise the nation’s debt ceiling to $600 billion as a result, but that won’t even be enough to cover the $606 billion in gross debt expected by the end of the forward estimates or the $725 billion projected by 2027/28 and with no peak in sight.

Scott Morrison and Mathias Cormann’s Budget also projects net debt to hit record levels over the next three years and the deficit to be 10 times bigger for the coming year than was predicted in Joe Hockey’s first Budget in 2014.

Higher interest payments on record debt is the price Australians are paying for four years of Liberal division and dysfunction, chaos and incompetence.

Better economic managers? Don’t think so.