Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

I thank the honourable member for Fairfax for the question. If I remember correctly, I think Australia's debt level actually peaked at about World War II, associated with the costs associated with war. From that period on, debt levels started to reduce. And Menzies was a great Prime Minister, because he reduced the debt levels, just as this Prime Minister wants to reduce the debt levels and just as the Howard government reduced the debt levels, because that is what Liberals do: we pay off the debt that Labor builds up—

Mr Dreyfus interjecting—

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