Australia’s net government debt — that is, money borrowed minus money loaned out — was $239.16 billion at the end of December. This was a hefty increase over the level a month earlier of $224.35 billion. In just one month, the debt rose almost $15 billion, or 6.6%. Compounded, that rate would double the debt in less than a year. Fortunately, the December rise was abnormal.
So what was the full-year increase through 2014?
At the end of 2013, the actual net debt was $177.74 billion. Hence the increase over the full year was $61.42 billion ($239.16 - $177.74). That’s a rise of 34.6%.
That December 2013 actual figure is pretty close to the level that can reasonably be attributed to Labor. As Crikey explained last October, the best measure of Labor’s debt is the projection for the end of the full year 2013-14 at the September 2013 election. At that time, projected debt at year end was $178.1 billion, although actual debt then was marginally lower. That year-end projection of $178.1 billion was affirmed in Finance’s statements for October and November 2013. It did not shift until well after Joe Hockey had taken control of the levers.
So is it possible that debt has peaked and will soon tumble, as promised? No — Friday’s figures also show a higher estimate for total debt at year end, still six months away. This is now projected to be $244.84 billion.
If $178.1 billion is the debt level attributable to Labor, then it can be argued that by the end of this financial year the Coalition will have blown out Labor’s debt by $66.7 billion ($244.8 billion to $178.1 billion) or 37.5%. In one budget.

@579

the present govt is repairing damage done for 6 years

my worry is they will be booted out well before that by stupid aussies who still think we are ok

and the sad thing is , when ALP takes over in a couple of years, some of the benefits flowing from LNP drastic (but correct and nec but very unpopular) measures will then be counted as their own

one more time... this is as good a govt we can have for the moment, lets not do ourselves in by prematurely putting this set of current incompetent ALP goons

thks

cont...

"... in power"

sorry for typo omission

Since Abbott has been there he has done nothing but spend money. They have added 70 billion in debt in record time.
This govt; will be worthless while Abbott is still there. The worst of all time leaders. Nothing will improve until Turnbull takes the stage

@579

hmmm... other than his silly gaffs and wagging fingers, i think he is ok
not the best PM but if he can get this team together, ok by me

i support good govts... can be the ALP or LNP

BUT not PUP
its leader's heart is not at the right place
a self centered man who believes votes can be bought by money spent on publicity and advert...
and unfortunately that has proven to be correct in some casess

Only the people who are ignorant of economics think we're spending our children's money. But at the moment the trouble is we're spending too little money, hence the unemployment rate is so high.

Medicare is sustainable, despite the government's claims to the contrary.

A GST rise is totally unnecessary. The best change we could make to the GST would be to abolish it.

Propping up industries has nothing to do with the minimum wage. And historically the Libs have done the most propping up of uncompetitive industries.

The budget emergency is nothing more than a lie, so it's not surprising that voters have seen through it.

We need to do more high value work rather thhan making it easier to do low value work here. If we stick to the latter strategy, we are indeed likely to end up worse off than Bangladesh.