20 years ago, Peter Costello delivered a budget that boasted no debt, a cash surplus, big tax cuts, and investment in a future fund.

There was no interest bill, and tax rates were falling fast because we were debt free.

This year, Jim Chalmers delivered a budget that boasted a gross debt of >$1 trillion, a $42.1b deficit, CGT, negative gearing and discretionary trust tax increases, plus deficits of $179.5b for the forward estimates.

Interest on debt is the fastest growing major payment in the budget.

From surpluses and tax cuts to trillion-dollar debt and entrenched deficits.

Sources:

2026/27 Budget: https://budget.gov.au/content/bp1/index.htm

2006/07 Budget: https://archive.budget.gov.au/2006-07/index.htm

Thanks to my children for sending me this comparasion