Tag: Worst Accounts in History

Fact check: Did the Government inherit the ‘worst set of accounts’ in history?

Julie Bishop wrong on the history of Australia's financial accounts

  • The claim: Deputy Liberal Leader Julie Bishop says the Abbott Government inherited the worst set of financial accounts in Australia’s history.
  • The verdict: Large borrowings to finance Australia’s participation in World War I and World War II and the impact of the Great Depression led to much higher deficits and levels of debt than any government has experienced since. The Howard Government also inherited more gross and net debt and a higher budget deficit relative to GDP than the Abbott Government. Ms Bishop is wrong.