With the federal election approaching, we set out to undertake a non-partisan analysis of trends in government finances, and were shocked by how superficial and misleading the debate has become with Scott Morrison, a former treasurer, and Josh Frydenberg, the current Treasurer, disregarding facts presented in their own, official publications.

An obscure Australian Bureau of Statistics publication, Cat. 5519 Government Finance Statistics, Australia, provides a reliable record of government finances.

Their economic management under the microscope ... Prime Minister Scott Morrison and Treasurer Josh Frydenberg. Credit:Alex Ellinghausen

In this publication, the ABS doesn’t take budget papers at face value, but analyses, adjusts and re-classifies historical data to be consistent with the local version of the United Nation’s reporting framework. The publication provides an independent and more reliable record of general government finances than those prepared under the direction of a treasurer. Another virtue of GFS records is that they clean up any "creative accounting", and adjust the history by extensive back-casting.

Let's look at what they show in relation to a Liberal Party television advertisement that states: "In 2007 Australia had a $20 billion surplus. Then Labor got in. Six record deficits totalling $240 billion … and we’re still paying."