Australia is drowning in debt.

[Bobby]

Australia is drowning in debt.


https://www.michaelwest.com.au/eight-ye ... easure-up/


By Alan Austin|December 17, 2021

When Labor left office, Australia’s gross debt was 16.8% of GDP. This was the third lowest in the OECD. Only Chile and Estonia were lower. Today, Australia’s gross debt is 39.5% of GDP. That blowout – of 22.7% of GDP – is close to the worst of all OECD members.





The Finance Department’s monthly report for October shows the Coalition has spent more on debt interest so far this financial year than on housing and community amenities, recreation and culture, natural disaster relief and public order and safety combined.




The Coalition has added $600 billion to the national debt with barely a whisper from the corporate media. Even today, at the release of the 2021 Mid-Year Economic and Fiscal Outlook (MYEFO), the response to a seemingly endless horizon of record deficits was muted in the pro-government The Australian and Australian Financial Review.

Both had been vociferous critics of Labor debt, yet now they are meekly accepting Coalition vows of tax cuts at a time when the nation can ill afford them. The double standard rings loudly.

Treasury’s Office of Financial Management has announced that Australia’s gross debt has reached $871.4 billion. That is a significant number if we recall that gross debt was $271.2 billion when the Labor government lost the September 2013 election.

The Coalition – which was elected primarily on commitments to reduce drastically “Gillard’s debt disaster” – has now added $600 billion to the modest debt Labor left.

The differences between Labor and Coalition debt are more than just quantity.

[Outlaw Yogi]

"Everybody (or rather every nation) is drowning in debt".

U$A is supposedly in debt to the obscene amount of $30 trillion

China is supposedly in even greater debt because the rapid expansion of the economy was all on credit.

Every once in a while a news report will announce whatever nation has some unpayable debt, and someone in the room will ask
"Who do they owe it to?"

That's a bloody good question, and one I don't know the answer to.

[Jovial Monk]

The debt will be paid off just like the post Great Depression/WWII debt was paid off. That earlier debt was $250Bn on a much smaller economy. If neoliberal “hollowing out” of the economy is stopped then the repayment of the debt will be quicker,

Repayment of the debt does not require surplus budgets, it requires a growing economy.

[Bobby]

The debt will be paid off just like the post Great Depression/WWII debt was paid off. That earlier debt was $250Bn on a much smaller economy. If neoliberal “hollowing out” of the economy is stopped then the repayment of the debt will be quicker,

Repayment of the debt does not require surplus budgets, it requires a growing economy.

The only way they say they are growing the economy is by bringing in more nig nogs.
That doesn't work.

[Jovial Monk]

Charming! You are a racist as well as an idiot!

I did NOT sat grow the population.

[Achmed]

The debt will be paid off just like the post Great Depression/WWII debt was paid off. That earlier debt was $250Bn on a much smaller economy. If neoliberal “hollowing out” of the economy is stopped then the repayment of the debt will be quicker,

Repayment of the debt does not require surplus budgets, it requires a growing economy.

The only way they say they are growing the economy is by bringing in more nig nogs.
That doesn't work.

What is nig nogs.

[Bobby]

The debt will be paid off just like the post Great Depression/WWII debt was paid off. That earlier debt was $250Bn on a much smaller economy. If neoliberal “hollowing out” of the economy is stopped then the repayment of the debt will be quicker,

Repayment of the debt does not require surplus budgets, it requires a growing economy.

The only way they say they are growing the economy is by bringing in more nig nogs.
That doesn't work.

What is nig nogs.