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Mr Swan, get your facts rights.



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MEDIA RELEASE

THE HON JOE HOCKEY MP

SHADOW TREASURER

MR SWAN,

GET YOUR FACTS RIGHT.

4 August 2010

On ABC Newsradio today I was asked by Marius Benson:

“What is the level of debt now?”

I was asked again:

“What is the current level of debt of Australia?”

I replied correctly that the level of debt at a point in time depends on market circumstances. I also said correctly that “the government has projected the debt is going to increase until 2012-13.”

Treasurer Wayne Swan has criticised my response saying on ABC TV 24 this morning I "simply couldn't name or provide a number, for the level of net debt....".

But that is not the question I was asked. I was asked what is the level of debt now.

The truth is that calculating net debt to GDP currently - that is on 4 August - requires knowing the current level of debt on issue by the Australian Office of Financial Management which will vary from week to week and month to month, as I noted in my response to Marius Benson.

Mr Swan, get your facts right.

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