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Australian Government Debt by Prime Minister

How much Australian Government gross debt rose or fell under each prime minister from Whitlam to Albanese, with debt-to-GDP for every year since 1971 and an estimate for today.

Australian Government gross debt is the face value of all Commonwealth Government Securities on issue: Treasury Bonds, Treasury Indexed Bonds and Treasury Notes. The Australian Office of Financial Management reports the total at 30 June, the end of the Australian financial year, so this ledger compares each prime minister on that annual figure.

Net debt, which subtracts the government’s cash, deposits and investments, tells a different story. The Commonwealth had no net debt by 2006, yet gross debt never fell to zero because the bond market was kept open. Debt-to-GDP is shown for every year to put the dollar amounts in the context of a growing economy.

Looking for the United States? See the national debt by president.

Australian government debt by prime minister

Gross debt at the 30 June closest to each change of prime minister, from Whitlam to today.

Official figure at 30 June 2026

31st prime minister · In office now

Anthony Albanese

Labor · Since 23 May 2022

Gross debt at 30 June 2022: A$895.3 billion (38.3% of GDP)

Added since 30 June 2022 estimate

A$76,194,000,000

Running at about — a second, the pace of the last financial year · 8.5% more than at 30 June 2022

Gross debt, 30 June 2026
A$971.4 billion
Estimated today
A$971,447,000,000
Debt to GDP
38.3% → 33.2%

Every prime minister since 1972

  1. 30Scott Morrison Liberal · 2018–2022 · Includes the COVID-19 pandemic response.
    Added
    A$363.3bn
    Change
    +68%
    Debt to GDP
    28.8% → 38.3%
    At 30 June 2022
    A$895.3bn
  2. 29Malcolm Turnbull Liberal · 2015–2018
    Added
    A$163.2bn
    Change
    +44%
    Debt to GDP
    22.6% → 28.8%
    At 30 June 2018
    A$531.9bn
  3. 28Tony Abbott Liberal · 2013–2015 · Repealed the legislated debt ceiling in 2013.
    Added
    A$111.4bn
    Change
    +43%
    Debt to GDP
    16.7% → 22.6%
    At 30 June 2015
    A$368.7bn
  4. 26Kevin Rudd Labor · 2013–2013 · Second term of under three months, too short to show in annual figures.
    Added
    —
    Change
    —
    Debt to GDP
    16.7% → 16.7%
    At 30 June 2013
    A$257.4bn
  5. 27Julia Gillard Labor · 2010–2013
    Added
    A$110.2bn
    Change
    +75%
    Debt to GDP
    11.2% → 16.7%
    At 30 June 2013
    A$257.4bn
  6. 26Kevin Rudd Labor · 2007–2010 · First term; includes the global financial crisis stimulus.
    Added
    A$93.9bn
    Change
    +176%
    Debt to GDP
    4.9% → 11.2%
    At 30 June 2010
    A$147.1bn
  7. 25John Howard Liberal · 1996–2007 · Net debt reached zero in 2006.
    Paid down
    −A$56.9bn
    Change
    −52%
    Debt to GDP
    20.8% → 4.9%
    At 30 June 2007
    A$53.3bn
  8. 24Paul Keating Labor · 1991–1996
    Added
    A$61.4bn
    Change
    +126%
    Debt to GDP
    11.7% → 20.8%
    At 30 June 1996
    A$110.2bn
  9. 23Bob Hawke Labor · 1983–1991 · The source lists the same total for 1990 and 1991.
    Added
    A$11.7bn
    Change
    +31%
    Debt to GDP
    21.2% → 11.7%
    At 30 June 1991
    A$48.7bn
  10. 22Malcolm Fraser Liberal · 1975–1983
    Added
    A$22.3bn
    Change
    +151%
    Debt to GDP
    20.7% → 21.2%
    At 30 June 1983
    A$37.1bn
  11. 21Gough Whitlam Labor · 1972–1975
    Added
    A$2.3bn
    Change
    +18%
    Debt to GDP
    25.8% → 20.7%
    At 30 June 1975
    A$14.8bn
Gross debt as a share of GDP, 1971–2026 Labor Liberal–National Coalition
30 June 1971: 26.9% of GDP, A$10.9 billion30 June 1972: 25.8% of GDP, A$12.5 billion30 June 1973: 24.5% of GDP, A$12.2 billion30 June 1974: 21.2% of GDP, A$12.8 billion30 June 1975: 20.7% of GDP, A$14.8 billion197530 June 1976: 21.5% of GDP, A$17.9 billion30 June 1977: 21.6% of GDP, A$20.8 billion30 June 1978: 21.6% of GDP, A$24.0 billion30 June 1979: 23.6% of GDP, A$28.1 billion30 June 1980: 21.8% of GDP, A$29.3 billion198030 June 1981: 19.8% of GDP, A$30.2 billion30 June 1982: 17.6% of GDP, A$31.1 billion30 June 1983: 21.2% of GDP, A$37.1 billion30 June 1984: 21.2% of GDP, A$45.4 billion30 June 1985: 23.1% of GDP, A$54.4 billion198530 June 1986: 24.2% of GDP, A$63.1 billion30 June 1987: 23.4% of GDP, A$67.2 billion30 June 1988: 19.3% of GDP, A$62.8 billion30 June 1989: 15.4% of GDP, A$56.9 billion30 June 1990: 11.9% of GDP, A$48.7 billion199030 June 1991: 11.7% of GDP, A$48.7 billion30 June 1992: 13.9% of GDP, A$58.8 billion30 June 1993: 17.2% of GDP, A$76.5 billion30 June 1994: 19.5% of GDP, A$90.9 billion30 June 1995: 21.2% of GDP, A$105.5 billion199530 June 1996: 20.8% of GDP, A$110.2 billion30 June 1997: 19.9% of GDP, A$111.1 billion30 June 1998: 15.9% of GDP, A$93.7 billion30 June 1999: 13.7% of GDP, A$85.3 billion30 June 2000: 11.4% of GDP, A$75.5 billion200030 June 2001: 9.4% of GDP, A$66.4 billion30 June 2002: 8.3% of GDP, A$63.0 billion30 June 2003: 7.1% of GDP, A$57.4 billion30 June 2004: 6.3% of GDP, A$54.8 billion30 June 2005: 5.9% of GDP, A$55.0 billion200530 June 2006: 5.4% of GDP, A$54.1 billion30 June 2007: 4.9% of GDP, A$53.3 billion30 June 2008: 4.7% of GDP, A$55.4 billion30 June 2009: 8% of GDP, A$101.1 billion30 June 2010: 11.2% of GDP, A$147.1 billion201030 June 2011: 13.4% of GDP, A$191.3 billion30 June 2012: 15.5% of GDP, A$234.0 billion30 June 2013: 16.7% of GDP, A$257.4 billion30 June 2014: 19.9% of GDP, A$319.5 billion30 June 2015: 22.6% of GDP, A$368.7 billion201530 June 2016: 25.3% of GDP, A$420.4 billion30 June 2017: 28.4% of GDP, A$501.0 billion30 June 2018: 28.8% of GDP, A$531.9 billion30 June 2019: 27.7% of GDP, A$542.0 billion30 June 2020: 34.4% of GDP, A$684.3 billion202030 June 2021: 39.1% of GDP, A$817.0 billion30 June 2022: 38.3% of GDP, A$895.3 billion30 June 2023: 34.5% of GDP, A$889.8 billion30 June 2024: 33.8% of GDP, A$906.9 billion30 June 2025: 33.4% of GDP, A$928.6 billion202530 June 2026: 33.2% of GDP, A$971.4 billion

Gross debt is the face value of Australian Government Securities on issue at 30 June, the end of the financial year. The series is annual, so each prime minister is measured at the 30 June closest to the day they took and left office, and the sitting prime minister's running figure is an estimate carried forward from the latest 30 June total. Figures come from the Australian Office of Financial Management's end-of-financial-year positions and the Australian Government's Budget archive. Prime ministers borrow through budgets passed by Parliament, and the economy sets much of the tax take.