Simon Birmingham (SA, Liberal Party, Minister for Finance) Share this | Hansard source

Over the forward estimates, gross debt is expected to reach a within-year peak of $1.220 billion or 50.9 per cent—

Opposition senators: Trillion!

Yes, $1.22 trillion or 50.9 per cent of GDP in April 2025. Gross debt, as the budget papers make very clear, is expected to stabilise in the medium term at around 51 per cent of GDP, compared to around 55 per cent in last year's budget—