Treasurer Joe Hockey says the government will do everything it can to get debt under control faced with a forecast $667 billion debt by 2023/24.
Government debt could balloon to two-thirds of a trillion dollars over the next decade should the Abbott government take no remedial policy action.
The mid-year economic and fiscal outlook (MYEFO) released by Treasurer Joe Hockey on Tuesday shows debt growing from $310 billion in 2013/14 to $667 billion in 2023/24.
Mr Hockey said it was hugely important to keep faith with the electorate on spending promises about health and education.
“I hope we don’t get to $670 billion dollars and we are going to do everything we can to make sure we don’t, but this is what we have inherited from Labor,” Mr Hockey told the National Press Club in Canberra on Tuesday.
Last week legislation was passed by parliament to remove the $300 billion debt ceiling.