FACT CHECK 1: “In the last 12 months, the budget has turned around by over $100 billion. That is the single biggest turnaround in a budget in 70 years. And the reason for that is we’ve got people into work, off welfare and into work.” Prime Minister Scott Morrison, leaders’ debate, April 20.
On the face of it, this does represent an improvement of “more than $100 billion”. The trouble is, the biggest deficit year – 2021-22 – has dropped out of the latest budget period. Put another way, a big part of the improvement referred to by Morrison happened simply because of the end of the pandemic.
not because of Morrison’s “perfect management”
FACT CHECK 2: “It’s important to remember that they [the Coalition] had already doubled the debt before the pandemic had hit.” Labor leader Anthony Albanese.
When the Coalition came to power in September 2013, gross debt (mostly in the form of Treasury bonds) was about $280.3 billion,
By the time the pandemic hit, around January 2020, gross debt was about $568.1 billion. This was, as Albanese said, about double the level of gross debt prevailing when the Coalition was elected.
According to the federal budget papers, by June 2014, about nine months after Tony Abbott won the 2013 election, the ratio of net debt to GDP was 13.1 per cent.
By June 2019, on the eve of the pandemic, it had risen to 19.2 per cent.
A rise in which Morrison leadership was very much involved .
Source: Election 2022: Fact checking budget claims made by Scott Morrison and Anthony Albanese during leaders’ debate