The problem for Labor attacking the government over debt is that it implicitly suggests they believe it should be lower

Since the May budget, the Labor party has been a bit like the dog that caught the car – the government has effectively admitted defeat to Labor on a number of issues and, as a result, Labor is struggling to adjust to having won the policy debate without having won an election.

Let’s not beat around the bush – the Coalition, from the prime minister down, are utter hypocrites on the issue of government debt. After years of endless warnings of the perils of high debt, on Friday Australia’s gross debt hit $500bn – the highest it has ever been and almost double the amount it was when the Coalition took over office in 2013.

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