Strong Record in Reducing Net Debt This Budget provides for further reductions in net debt, continuing the Government's commitment to sustainable finances.
decreasing government debt means less interest payments		By June 2003 net debt will shrink to 4.6 per cent of GDP, its lowest level in more than a decade. The repayment of over $60 billion of net debt since 1996-97 has saved around $4¾ billion each year in interest.
Australia a world leader in reducing debt		Compared with international experience, Australia's debt position remains very sound. Australia's net debt is well below the OECD average.
Commonwealth General Government Net Debt and Net Interest Outlays to GDP
Australia's General Government Net Debt Compares Favourably, 1994 to 2003(a) (a) Data are for the total general government sector (that is, the aggregate of all levels of government including the social security sector). (b) The above net debt data for Japan are inclusive of assets held by the social security system. Japan's net debt, calculated exclusive of these assets, was estimated by the IMF to be almost 100 per cent of GDP by April 2002.