Former Liberal Treasurer Peter Costello thinks he’ll be dead by the time the federal government has paid off the nation’s debt.

He’s taken a swipe at the government’s company tax cuts, saying there should be relief for individuals on higher incomes instead.

Senator Jim Molan tells Chris Smith “we are still below world averages in relation to the amount of debt we’ve got”, but admits the former Treasurer has a point.

“We can incentivise people to not try.

“Those who are wealthy Australians either create wealth for other people or they create employment or many have prudently saved for their older age.”

He says if there are company tax cuts present in tonight’s budget, it’ll be because the government doesn’t see it as a threat to the deficit.

“If there is, then that’s because we have prioritised and we have decided we can afford it and getting rid of the deficit is not threatened.”

Listen to the full interview below