I’ve got a feeling that the facts of government debt and deficit will be ignored or distorted in much of the debate in the lead into the 2 July election.
Here are the facts on the level of gross and net government debt with all of the sources outlined for those wanting to dig into the details.
I will update these numbers usually weekly as the government continues to borrow to fund its deficit.
So when you hear someone making stuff up about government debt, refer them to this page.
NET GOVERNMENT DEBT
At September 2013: $175 billion Source: https://www.finance.gov.au/sites/default/files/mfs-september-2013.pdf
At February 2016 (latest): $288 billion Source: https://www.finance.gov.au/publications/commonwealth-monthly-financial-statements/2016/mfs-february/
Increase in net government debt under current Coalition government: $113 billion.
GROSS GOVERNMENT DEBT
Friday 15 April 2016: Value of government securities on issue (Gross government debt) was $424 billion. Source: aofm.gov.au
Increase in gross government debt under current Coalition government: $151 billion.