Australia's Parliament

Every senator and member of the House of Representatives in the 48th Parliament of Australia: state, electorate, party, office details and biography.

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National debt by prime minister

How Australia's public debt changed under every prime minister, measured the same way for all of them: as a share of the economy (GDP), and in dollars where GDP figures exist.

Updated 11 Oct 2026

31st Prime Minister · In office now

Anthony Albanese

Labor · Since 23 May 2022

Debt to GDP, taking office (end-2021): 55.5%
Latest (end-2024): 49.8%
Change so far: -5.7 points
Public debt, end-2024: $1.33 trillion

Earlier prime ministers

30Scott Morrison Liberal · 2018–2022
+13.7 pts
Debt to GDP
41.8% → 55.5%
Measured at
end-2018 → end-2021
In dollars (at the time)
$772.9 billion → $1.16 trillion
29Malcolm Turnbull Liberal · 2015–2018
+4.1 pts
Debt to GDP
37.7% → 41.8%
Measured at
end-2015 → end-2018
In dollars (at the time)
$614.8 billion → $772.9 billion
28Tony Abbott Liberal · 2013–2015
+7.2 pts
Debt to GDP
30.5% → 37.7%
Measured at
end-2013 → end-2015
In dollars (at the time)
$470.8 billion → $614.8 billion
26Kevin Rudd Labor · 2013 · Term 2 of 2
+3 pts
Debt to GDP
27.5% → 30.5%
Measured at
end-2012 → end-2013
In dollars (at the time)
$414.1 billion → $470.8 billion