Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Hansard source

I will respond to the member for Jagajaga’s interjection. In 1995 there were two critical differences. In 1995 the Australian government owed $96 billion and today the Australian government has no net debt at all. The second thing, of course, is that in 1995 under the Australian Labor Party Australia’s credit rating had been downgraded twice. Since this government was elected not only has this government repaid Labor debt but that credit rating has been upgraded on two occasions back to AAA. The Australian government’s foreign currency bonds are now the highest rated premium bonds in the world. We went backwards under Labor. The coalition has taken Australia back to where it ought to be.

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