From Surplus to Trillion-Dollar Debt

ARTICLE: From Surplus to Trillion-Dollar Debt - Australia's Economic Reputation Squandered

When Peter Costello’s time as Treasurer ended in 2007, Australia stood as an economic outlier. After inheriting a $96 billion net debt ‘black hole’ from Labor in 1996, the Howard-Costello Government delivered ten surpluses in from twelve budgets through relentless fiscal discipline.