etherazer, I haven't seen any updated figures, though last I heard Labor are still claiming to be able to achieve a surplus for this financial year.
And if you believe the claims that LNP are a certainty to win next years election, then the final two years will be LNP budget and not Labor.
As far as the current debt goes, having a debt of around a third of your annual income, does not seem to be the big scary monster some make it out to be.
I would be quite happy if my debt was only a third of my annual income. As I'm sure others would feel the same way about their own debt.