$60m a day: soaring interest bill on Australia’s debt eclipses cost of childcare or infrastructure

Treasurer says $112bn cost over five years is one of fastest growing pressures on budget, blaming Coalition for the ‘mess’ it left

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Interest payments on commonwealth government debt will cost the federal budget $112bn over five years, or $60m a day.

The treasurer, Jim Chalmers, revealed the soaring cost of debt ahead of Tuesday’s budget, which will show interest now costs more than the family tax benefit, childcare or infrastructure.

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