Peter Costello blasts Labor for burdening Australia with trillion-dollar debt

Former treasurer Peter Costello criticises the Labor government for plunging Australia into a trillion dollars of debt, describing the situation as “heartbreaking”.

“It’s heartbreaking to have worked so hard and to have got Australia into such a good position … Australia stood out, and we were admired around the world,” Mr Costello told Sky News host Peta Credlin.

“Rather than this being a gift to generations of future Australians, we’ve now borrowed a trillion dollars.”