Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Hansard source

Thank you very much, Mr Speaker. The uncomfortable news for those opposite is that net deficit and net debt for this country compare well against the rest of the world. On the question of net debt, I would simply re-emphasise this point: when our net debt peaks at 13.8 per cent of GDP, as projected in the budget papers, it represents not just the lowest of the other major advanced economies, it is something like seven times lower. That means that when we peak at 13.8, that across the G7 will be 88.7. I heard an interjection before in relation to the other advanced economies. The average across the other advanced economies is, I am advised, 79.1. Therefore, for Australia, taking such a responsible approach to stepping in to make a difference with Australian economic performance now in the midst of a global recession is the responsible course of action.

See this speech in context