FORMER treasurer Peter Costello says most of us will be dead before Australias national debt is paid off.
On the eve of Scott Morrisons third budget, Mr Costello told ABCs 7.30 the Turnbull government had not done enough to control debt.
Weve now had ten years of deficit. Cumulatively, that means to cover that weve had to borrow about $370 billion. We went from having no net debt to borrowing about $370 billion.
That money doesnt go away. Its going to be there, were going to be paying interest on it until somebody pays it back.
When asked by host Leigh Sales if the Turnbull government should pay it back with the revenue windfall theyve just had, Mr Costello said the issue would take decades to fix.
Well, we wont pay it back in one year, he sa…
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