Jim Chalmers says the Coalition racked up all but a 'tiny fraction' of $1 trillion in debt left to Labor. Is that correct?

Treasurer Jim Chalmers says the Coalition bequeathed a trillion dollars of "Liberal debt" to Labor at the last election, and that the previous Labor government was only responsible for a "tiny fraction" of that debt. (ABC News: Toby Hunt)

The claim

Facing calls to help ease cost-of-living pressures ahead of the May 2023 budget, Labor has been reminding voters that the government, too, is feeling the pinch, as it foreshadows a long road back to budget sustainability.