The nation’s interest bill over the next four years will be almost $10 billion lower than expected just six months ago, the latest budget papers reveal.
Debt still heading towards $1 trillion but not just yet
Australia’s chances of racking up a record $1 trillion in government debt have receded after Labor pumped billions of dollars worth of windfall revenues into the budget bottom line.
Treasurer Jim Chalmers has frequently castigated the former coalition government for leaving Labor with “one trillion dollars of debt”.
Gross debt as measured by the Treasury borrowings was on track to crack that milestone in 2023/24.
But it’s not projected to top $1 trillion for another two years, updated Treasury forecasts reveal.