Correct me if I'm wrong but haven't the last 8-9 budgets been deficits? The debt has grown under the Liberal party, in arguably much better global economic conditions.
The total federal debt is now 466bn.
Another thing we have to thank the Liberal party for is removing the debt ceiling entirely.
John Howard did a great job in building the surplus but it took more than the Labor party to put is back so deep in the hole.
