Labor has released its 10-year economic plan, with Opposition Leader Bill Shorten promising to return the budget to balance in the 2020-21 financial year if elected.
Senator Cormann is wrong. This fact check is based on research from a previous claim on debt and deficit made by Deputy Liberal Leader Julie Bishop. Budget figures and historical data show that Labor inherited a surplus close to $20 billion, but the deficit they "turned that into" was far from a record. Experts told Fact Check that in order to make comparisons over time, deficits must be measured as a share of GDP, and the largest deficit as a share of GDP in Labor's last term was in 2009-2010 at 4.2 per cent. This pales in comparison with deficits sustained during World War II, which were over 20 per cent of GDP, and World War I, which were over 10 per cent.
Fact check: Was Labor responsible for 'a record deficit'?
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