When the Coalition left office in March 2022, Labor was left with $888 billion of gross debt, or $517 billion of net debt.īut while most of that debt was accrued during the Coalition's term, a sizeable chunk was inherited from the previous Labor government. So, did the Coalition leave behind a trillion dollars of debt, and was it responsible for all but "a tiny fraction" of that spending? Loading.Ĭhallenged in a subsequent interview by the ABC's Sarah Ferguson, who suggested the former Labor government shared some responsibility, Mr Chalmers said that its contribution represented "a tiny fraction of what we inherited almost a year ago". It has also been busy blaming the Coalition for its fiscal woes, reviving claims about the "trillion dollars" of debt it says was racked up by the former government.ĭuring an April 13 interview with Sky News, Treasurer Jim Chalmers said he was concerned "about the cost of servicing that trillion dollars in Liberal debt that we inherited from our predecessors". Facing calls to help ease cost-of-living pressures ahead of the May 2023 budget, Labor has been reminding voters that the government, too, is feeling the pinch, as it foreshadows a long road back to budget sustainability.
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