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

Thank you, Mr President. I am very happy to address the question. As the senator would know, because he has asked me questions about gross debt and net debt previously, gross debt peaked as a percentage of GDP in 2011-12. Net debt peaks as a percentage of GDP at 9.6 per cent. This is, of course, at about one-tenth of the level of the major advanced economies. We start paying down gross and net debt as a percentage of GDP this year, and net interest payments in this financial year, according to the budget figures, would be about one-half of one per cent of GDP.

We have laid out our figures very clearly. They are in the budget. They are accounted for. That, of course, puts us in stark contrast to a coalition that have never once under this economic team—including under Senator Joyce for the short period he was in this position in opposition—got their costings right. If you want to look at what an Abbott government would have to do in order to balance the books, go to the home state of the senator. Go to Queensland and have a look at Premier Newman.