We can take that as the level for which Labor must accept responsibility. It sounds pretty high, but is only a small percentage of the nation’s gross income – just 11.3% of GDP – and extremely low when compared with other developed countries.

Two weeks ago the Final Budget Outcome revealed the actual debt level reached by 30 June 2014. This was $202.46 billion, more than $24 billion – or 13.7% – higher than forecast had the previous Government continued in power.

The data released yesterday shows that in July, debt increased from $202.46 billion to $208.15 billion. It jumped again in August to $217.55 billion. So the total increase above the level Labor left last year is now $39.45 billion ($217.55 less $178.10) — up an extraordinary 22.1%.

Now, 13 months after Abbott gained office, the interest bill is $283 million a week.

Are there any signs this situation is likely to turn around in the near future?

No. None whatsoever.

Revenue from wages is below expectations and commodity prices are falling — both of which will reduce tax revenue.

The Government has failed to get its budget through the Senate and remains unable – fortunately for the nation’s disadvantaged – to cut the outlays on pensions and benefits it wants to slash.

All pre-election commitments to ‘balance the books, live within our means and return the budget to surplus as quickly as possible’ are now clearly evident for what they were all along — tawdry lies. Lies, regrettably, that Australia’s craven, captured mass media could be relied upon to amplify.

They were baseless slanders against the previous administration made merely to discredit, destroy and replace it.

If there is no debt or deficit crisis now – and there isn’t – then there was certainly no calamity a year ago when Labor’s projected debt was $39 billion below the level today.

The facts are clear and ‒ unlike the Government and our mainstream media ‒ the figures don’t lie. Furthermore Hockey accuses the opposition for not helping to pay for the war by blocking his budget. Abbott says the war is affordable not to worry.