The Albanese government is being criticised for claiming they inherited $1 trillion dollars of debt from the previous Morrison government.

Prime Minister Anthony Albanese hit out at the former government’s economic management and debt level at the NSW Labor Party conference on the weekend.

Judo Bank economic advisor Warren Hogan, a former principal advisor to federal treasury, was quoted as saying “we are so far away from $1 trillion in debt it’s not funny”.

“The gross debt, the overall debt is forecast as of the last budget, to maybe get to $1 trillion in a few time, but that’s really not the way to think about it,” he told Neil Breen on Brisbane Live.

“First of all, you’ve got to consider their assets, so you’ve got to look at net debt, and that’s not forecast to get to $1 trillion any time in the next decade.

“And of course since the last budget, the economy has been really good, and commodity prices and exports have been really good, so all of those numbers will get revised down again.

“I think it’s disingenuous for the government to really be harping on about this … it just seems to be constant with the Treasurer and to a lesser extent the Prime Minister, and I think it is misstating the position.”

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Neil Breen said economists are finally talking about the issue.

“The one thing that I have railed against, is Anthony Albanese and Jim Chalmers continually talking about inheriting $1 trillion in Coalition debt,” he said.

“It’s simply not true.”

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