Federal government debt is predicted to hit $1 trillion as soon as September, as economists urge the re-elected Albanese government to prioritise getting the budget in order or else risk losing the nation’s AAA credit rating.

Putting the government’s finances back on a sustainable fiscal trajectory was not a focus of either Labor or the Coalition during the recent election campaign, as both Prime Minister Anthony Albanese and Opposition Leader Peter Dutton sought to woo voters with tens of billions of dollars in spending promises.