Sound fiscal management brings down debt and interest payments

Keeping net debt low

Since 1996 the Government has been reducing general government net debt which had run up to $96 billion under Labor. In dollar terms the Government, since coming to office, will have reduced net debt by $63 billion in 2002-03.

The Government has reduced net debt to $32 billion and is committed to maintaining low levels of net debt.

Lower net debt contributes to lower interest rates, thereby generating more favourable investment conditions which help to create jobs.

Australia's level of net debt compares favourably with other industrialised countries and our net debt to GDP ratio is amongst the lowest in the OECD.

High resolution version

Australia's general government net debt amongst the lowest in the developed world