Treasurer Josh Frydenberg wouldn’t tweak the parameter estimates such that national net debt forecast comes in just under one trillion dollars, would he?

It’s certainly very close indeed, and by the look of the outlook, we won’t have stopped running deficits in 2024-25. That may be the year in which Australia tops a trillion dollars in net debt.

Borrowing is cheap, we can afford it. But still, it’s a menacingly large number.