Government debt is at 831 Billion, and the Gov pays about 2% pa on it.
All the Government needs to do is approve itself to be an Australian central Bank and write its own debt to pay off the 831 billion loaned.
The Government could use all its own assets as collateral, and write its own debt paying the 831 billion off, and saving the budget 16.5 Billion per year in outgoing interest payments.