@Bunn-Wackett; Labor assumed office at the end of 2007 and inherited Costello's final inflationary budget - one that embedded forward commitments aimed at $Feeding $Greed.
The worst Global Financial Crisis in eighty years progressively impacted Australia commencing early in 2008. The APH chart below shows what happened as the GFC took hold and as Labor applied $43 Billion in economic stimulus. Labor lost office as of September 2013.
Please note the extent to which $Debt exploded after Morrison replaced Turnbull as PM in September 2018 and well ahead of the Covid Pandemic and how it's projected to continue to do so under Morrison and his Muppets for the foreseeable future:
www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/BudgetReview202122/CommonwealthDebt
Please note also that Costello's Future Fund was locked away and not accessible during the GFC.
