Media Releases

Liberals hit another new record debt high

April 23, 2019

The final release of government financial figures before the election shows the Liberals have blown out net debt to another new record high – well over double what they inherited. 

The latest Monthly Financial Statements reveal net debt has reached a whopping $376.7 billion on the Liberals’ watch – more than double the $174.6 billion they inherited in 2013. 

The new figures reveal Scott Morrison has racked up more than $24 billion in net debt since Malcolm Turnbull was dumped as leader, at a clip of over $113 million a day. 

Despite favourable global conditions and all their claims about being better economic and fiscal managers, the Liberals have racked up more than $200 billion in net debt since coming to office. 

The Liberals are too busy looking after the top end of town to manage the Budget and the economy in the interests of ordinary Australians. 

This election will be a choice between a Shorten Labor Government with a plan for the economy, schools, and hospitals - or more of the Liberals’ cuts and chaos. 

Given the Liberals’ warped priorities, it is little wonder debt is at record highs on their watch. 

Labor will repair the Budget in a fair and responsible way by closing down unsustainable tax loopholes, while properly funding essential services like schools and hospitals.