Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I would also just remind the good senator that, as I outlined in some detail yesterday, Australia's debt position remains one of the best in the world: less than a tenth of the average net debt of other major advanced economies. Our net debt position peaks at 7.2 per cent of GDP; that of major advanced economies is in the order of 90 per cent of GDP—90 per cent versus 7.2 per cent. That is the position that this government has overseen in the face of the global financial crisis.

It might be helpful to the senator to consider what some of those in the markets have said about this issue. We know, for example, that Moody's has said that the Australian government debt remains amongst the lowest of all AAA-rated governments. CBA comments on the fact that 'the budget is dominated by savings measures'. The budget meets—