Mr MORRISON (Cook—Treasurer) (14:37): It is $600 billion. That is what the debt limit has been set at. The government will seek to address it— Mr Bowen interjecting— Mr MORRISON: No, that was the peak debt over the course of the budget and forward estimates. Mr Bowen interjecting— The SPEAKER: The member for McMahon! Mr MORRISON: I know those opposite are frustrated, but it is a very simple formula. We on this side of the House like to ensure that we keep tension in the cord when it comes to restraining expenditure. Those opposite are quite happy to let it rip on every single occasion. That is why debt was growing at 34 per cent per annum when those opposite left the Treasury bench. Under this government, we have reduced the rate of gross debt by two-thirds. Ms Plibersek interjecting— The SPEAKER: The member for Sydney is warned! Mr MORRISON: What we have done is set a new debt limit in accordance with the regulations in the legislation that is required and that has been tabled in the ordinary course of events. The government will always seek to ensure that the government has lower debt than it otherwise might have. Those opposite are the authors of the debt we have today. They are the initiators of the debt we have today, because they set fire to the budget and have poured petrol on it in opposition.