Treasurer flags $152 billion gross debt reduction
Next Tuesday’s federal Budget will show a reduction in gross debt by about $152 billion.
It’s the equivalent of what the federal government will spend on health and defence this year.
Due to lower debt, the government estimates it will save around $80 billion in interest payments over the next decade to 2032-33.
“We’ve made welcome and encouraging and substantial progress in the fight against inflation, but it’s not mission accomplished,” Treasurer Jim Chalmers said on Tuesday.
Treasurer flags $152 billion gross debt reduction
“That’s why the Budget will have a big focus on the legitimate pressures that we know people are under.”