Australia’s net national debt officially ticked past the historic $1 trillion milestone today, sparking sharp criticism over out-of-control government spending.

Angus Taylor warned that massive annual interest bills will ultimately drive up inflation and leave future generations paying the price.

“The government’s addicted to spending. And this is the fundamental problem. We’ve got an economy that only grows because of immigration,” he said.

Listen to more highlights from Afternoons below:

Image: Hilary Wardhaugh/Getty Images