Mr HOCKEY (North Sydney) (14:20): My question is to the Treasurer. I refer the Treasurer to his comment on radio's 2UE on budget night in 2011 that Australia's debt is 'tiny, very tiny' and to his economic note a month ago that stated Australia's debt is 'very low'. Given that Australia's gross debt is now almost $300 billion, does the Treasurer stand by his previous statements that Australia's debt is 'very tiny' and 'very low'?