Opposition Finance Spokesperson Barnaby Joyce is under fire after casting doubt on the government's ability to repay debt, dubbing it "fundamentally irresponsible".
Prime Minister Kevin Rudd has told parliament if Opposition Leader Tony Abbott had any courage, he would fire Senator Joyce from the portfolio immediately.
Senator Joyce told ABC radio that Australia is going into "hock to our eyeballs" to overseas investors.
"You've got to ask the question: how far into debt do you want to go? We are getting to a point where we can't repay it," the opposition finance spokesman said.
"Let's look at exactly what they're doing now and ask this very simple question: are you paying back your money, are you even meeting your interest component, and can you keep the debt stable?
"Or is the debt racing ahead by more than even the interest expense? And if it is, any household budget will tell you that's a very dangerous place to be."
Mr Rudd said the senator had previously questioned the sovereign debt integrity of the United States and various Australian state governments.
"Today he brings into public doubt the commonwealth public debt repayment ability," Mr Rudd told reporters in Canberra.
"This is a most fundamentally irresponsible remark by someone who puts himself forward as the alternative finance minister of Australia.
"And a man put in that position by the leader of the opposition (Tony Abbott) who says he has no interest in economics whatsoever."
He said the economy would be at risk from an alternative finance minister who thought you could "play fast and loose with public language" on Australia's sovereign debt.
He attacked Mr Abbott for "effectively" saying that keeping Australia out of recession was a "waste of money".
Mr Rudd pointed to the number of jobs the government stimulus strategy had saved.
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