Based on Australian Government Office of Financial Management data:
- In November 2007 the Rudd-Gillard Labor Governments came to power
- Federal Labor Government: In August 2013 the gross government debt was $271.57 billion – if total Commonwealth guaranteed state debt (NSW & Queensland) is included the total gross debt was $293.43 billion.
- On 18 September 2013 the Abbott Liberal-Nationals Government was sworn in after winning the federal general election
- Federal Coalition Government: By 2 May 2014 gross government debt was $319.56 billion - if total Commonwealth guaranteed state debt (NSW & Queensland) is included the total gross debt is $319.58 billion
What this shows it that, on behalf of the Abbott Government, Australian Treasurer Joe Hockey has borrowed an additional $47.99 billion over 208 days or an est. average of $23 million dollars a day – and he is still trying to blame the former federal government for the entire gross national debt in 2014.
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