The federal government has released figures showing Australia's net worth tumbled during six years of Labor rule.
Finance Minister Mathias Cormann, in releasing the 2012/13 consolidated financial statement for the Australian government, said the balance sheet showed the nation's net worth was down to a negative position of $210.5 billion.
While this was a $46.3 billion improvement on the previous financial year, it compared with a positive net worth of $67.7 billion in 2007/08.
The global financial crisis and Labor's economic stimulus response occurred between the two periods.
"These numbers are a serious indictment on Labor's most recent record in government," Senator Cormann said in a statement on Wednesday.
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The worsening trend in net worth was due to increased liabilities associated with increased borrowings and increased spending under Labor.
Release of the mid-year economic and fiscal outlook for 2013/14 next Tuesday would provide a full and thorough account of the true state of the budget the Abbott government inherited from Labor, Senator Cormann said.
The statement he released on Wednesday presents the financial results for the whole of government, including those outside the general government sector such as Australia Post and the Reserve Bank of Australia.
