Sorry but that is a totally oversimplified way to run that scenario.
For starters debt rates were not 2% back in 1997. They were around 5%-6%. Secondly, you neglect to mention whether or not there was an overall capital gain on the asset. Thirdly, the asset was sold as shares to the public, so if it did sell at a discount, many Australians are holding that in their superannuation portfolios and reaping those dividends directly along with any capital gain over the years.
This isn't a real financial analysis of the problem. It seems more like a political narrative which I've intentionally tried to avoid.
Once again. Whether you agree or not with how the country was put back in the black, the point stands that in just 18 years we have accimulated catastrophic debt which will take generations to pay back and will probably include higher taxes to even balance the budget let alone start making any surplus. When governments start throwing around ideas like tax on unrealised gains and inheritance taxes, you know they're in trouble. There's only so much money in peoples pockets to give.