Treasurer Jim Chalmers says gross debt at the end of 2023-24 was $907bn. Follow the day’s news live

Good morning, and welcome back to a new week on the Australia news live blog. I’m Emily Wind, and I’ll be with you most of this Monday as we bring you our rolling coverage.

The treasurer, Jim Chalmers, has revealed a $149bn cut to national debt under Labor. The final budget outcome will show gross debt at the end of 2023-24 was $906.9bn, compared to the pre-election fiscal outlook which projected gross debt would exceed a trillion dollars last year, he said.

Back-to-back surpluses are helping in the fight against inflation and reducing the interest costs on a trillion dollars of Liberal Party debt we inherited. We’re the first government to post back-to-back surpluses in nearly two decades.

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