Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

Once again we have had more fiction from the shadow Treasurer about debt. I want to go through all of the facts. The first fact is that net debt at 11.4 per cent is a fraction of debt levels of other countries right around the world. In fact, it is one-eighth the level of major advanced economies. I make that point because those opposite are on this fiscal fear campaign that somehow our debt levels are not responsible and not sustainable. We have very low debt and sustainable debt in this country and it performs a very important role. When events occur in the international economy, we support jobs and growth, and that is what this government is doing. Of course, those opposite do not want to do that.

I was questioned by the shadow Treasurer on those matters in the House only a few weeks ago, the week after the budget, and I made a number of important points. I said that the borrowing limit did not need to be lifted in either this financial year, 2012-13, or next financial year, 2013-14. I did that in the face of the shadow Treasurer running around mixing up market value and face value—he did not know what he was doing at all.

Mr Hockey interjecting—

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