Peter Costello is lying when he claims to have paid off Labor’s debt
and it’s also a porkie to claim the government has no net debt.
However, when delivering his lines, the Treasurer doesn’t even make
sure he gets the terminology right.

On The 7.30 Report last night, Cossie said the following:

He slackened on when talking to Fran Kelly on Radio National this
morning, brazenly declaring: “We have now got rid of Labor’s $96
billion debt.”

No, there’s still $45 billion left.

Jon Faine was told the following: “With the clearing of government
debt, the next generation will be set up to face the challenge of their
time.”

Once again, this comes back to the complete bollocks that is spouted
about the Future Fund, which will have $30 billion in a few weeks time,
leaving the net liability of $66 billion – only $3 billion less
than the $69 billion unfunded liability Peter Costello inherited from
Paul Keating.

Can you imagine how much better off we would have been if Peter
Costello had declared unfunded super to be a problem 10 years and
allocated an extra $5 billion every year. The returns would have been
spectacular and the scheme by now would be fully funded. Instead, $30
billion is being dumped into the fund right at the top of the
investment bubble.