Low debt

Since 1996 the Government has reduced net debt from around $96 billion (19 per cent of GDP), to about $25 billion (3 per cent of GDP), a reduction from around $5,200 per person to around $1,200 per person.

The Government is living within its means and does not need to borrow to fund its families package and other important spending on national security, health, education and infrastructure.

The Government is committed to maintaining low levels of net debt into the future. Australia has a much lower level of net debt than most other industrialised countries, with our net debt to GDP ratio among the lowest in the OECD.

While net debt in most OECD countries is rising as a percentage of GDP, Australia’s net debt continues to fall.