As the Morrison government prepares to unveil the annual budget update, it’s important to consider the facts underpinning the Australian economy and the serious policy challenges we now face.

The national net debt is now forecast to reach $1.3 trillion – more than seven times our government’s alleged “debt bomb” of $189 billion in 2013 – according to the independent Parliamentary Budget Office. That’s 55 per cent of GDP, compared with 12 per cent when we left office.