Cost of Australian national debt

[simple1]

$60m-a-day debt interest:

 

https://www.theguardian.com/australia-news/2023/may/04/federal-budget-2023-soaring-interest-payments-australia-debt-eclipse-cost-of-family-tax-benefit-childcare-or-infrastructure

[mfd101]

It's what happens when The People and all political parties demand more and more spending, more and more wage subsidies during a great pandemic.

 

And now that the great pandemic is - at least for the moment - over, The People and the new government blame the previous government for spending so heavily and pushing up the national debt to some $A550B (not the $A1T that is often touted).

[simple1]

1 hour ago, mfd101 said:

It's what happens when The People and all political parties demand more and more spending, more and more wage subsidies during a great pandemic.

 

And now that the great pandemic is - at least for the moment - over, The People and the new government blame the previous government for spending so heavily and pushing up the national debt to some $A550B (not the $A1T that is often touted).

Info on Australian Federal debt...

 

Since the beginning of the pandemic, Australian Government gross debt has increased from $534.4 billion in March 2019 to $894.9 billion as of 28 October 2022. 

 

Australian Government debt – Parliament of Australia (aph.gov.au)

[KhunHeineken]

2 hours ago, simple1 said:

Info on Australian Federal debt...

 

Since the beginning of the pandemic, Australian Government gross debt has increased from $534.4 billion in March 2019 to $894.9 billion as of 28 October 2022. 

 

Australian Government debt – Parliament of Australia (aph.gov.au)

Australia was well on its way to over $1 Trillion dollars in debt before the pandemic. 

[mfd101]

If you read the Guardian article above the current figures are $A888 gross debt, $A517 net.

 

Whichever figure you prefer to support your prejudices, the basic fact is that the increase in debt over the last 4 years was the product of the wild enthusiasm of ALL Australians - including notably the ALP - for conjuring up ever more funds to support The People in their many hours of need.

[KhunHeineken]

2 minutes ago, mfd101 said:

If you read the Guardian article above the current figures are $A888 gross debt, $A517 net.

 

Whichever figure you prefer to support your prejudices, the basic fact is that the increase in debt over the last 4 years was the product of the wild enthusiasm of ALL Australians - including notably the ALP - for conjuring up ever more funds to support The People in their many hours of need.

Australia's debt clock.

 

https://australiandebtclock.com.au

[simple1]

51 minutes ago, mfd101 said:

If you read the Guardian article above the current figures are $A888 gross debt, $A517 net.

 

Whichever figure you prefer to support your prejudices, the basic fact is that the increase in debt over the last 4 years was the product of the wild enthusiasm of ALL Australians - including notably the ALP - for conjuring up ever more funds to support The People in their many hours of need.

No prejudice on my part, just providing some info; refer below. No further reply to you.

 

Australian Government gross debt has increased from $534.4 billion in March 2019 to $894.9 billion as of 28 October 2022. The October 2022–23 Budget forecasts further increases in gross debt to $1.159 trillion (43.1% of GDP) by the end of the 2025–26 financial year (Budget strategy and outlook: budget paper no. 1: 2022–23, p. 218). While these are the highest levels of debt on issue by the Australian Government since the 1950s, they remain well below both Australian historical peaks reached following the Second World War (p. 8) and current government debt levels held by governments in other developed countries.

 

https://www.aph.gov.au/About_Parliament/Parliamentary_departments/Parliamentary_Library/pubs/rp/BudgetReviewOctober202223/AustralianGovernmentDebt

[KhunHeineken]

16 hours ago, simple1 said:

No prejudice on my part, just providing some info; refer below. No further reply to you.

 

Australian Government gross debt has increased from $534.4 billion in March 2019 to $894.9 billion as of 28 October 2022. The October 2022–23 Budget forecasts further increases in gross debt to $1.159 trillion (43.1% of GDP) by the end of the 2025–26 financial year (Budget strategy and outlook: budget paper no. 1: 2022–23, p. 218). While these are the highest levels of debt on issue by the Australian Government since the 1950s, they remain well below both Australian historical peaks reached following the Second World War (p. 8) and current government debt levels held by governments in other developed countries.

 

https://www.aph.gov.au/About_Parliament/Parliamentary_departments/Parliamentary_Library/pubs/rp/BudgetReviewOctober202223/AustralianGovernmentDebt

From the Australian Debt Clock link.

 

Total all debt.

 

"Total Australian Credit outstanding includes all debt and equity outstanding of the domestic non-financial sectors.

Total Australian Credit has grown from AU$787.7 billion in December 1989 to AU$6.3 trillion in December 2016; an increase of a little over 800% over a 27 year period."

 

 

Total government debt.

 

"Total Government Debt is the gross sum of liabilities across federal, state and local Government in Australia.

Total Australian Government Debt increased by a mere 13.5% from December 1989 to December 2007, from AU$81.2 billion to AU$92.1 billion.

However, from December 2008 to December 2017 Total Australian Government debt increased by over 520% from AU$115.4 billion to AU$716.3 billion.

The primary reason behind this increase has been to provide depth in the market for government bonds so that the Reserve Bank of Australia can easily increase liquidity through open market operations by printing more Australian Dollars and buying the government bonds back."

 

Some scary statistics. 

 

 

[Yellowtail]

No worries, just print what you need. 

[KhunHeineken]

4 hours ago, Yellowtail said:

No worries, just print what you need. 

Yes, and soon you'll have to use a wheel barrow to cart the money into a bakery, just to buy a loaf of bread.  

[Yellowtail]

4 hours ago, KhunHeineken said:

Yes, and soon you'll have to use a wheel barrow to cart the money into a bakery, just to buy a loaf of bread.  

Not to worry, you won't be able to afford a wheelbarrow. 

[KhunHeineken]

20 minutes ago, Yellowtail said:

Not to worry, you won't be able to afford a wheelbarrow. 

But you will be able to if they keep printing money. 

[Yellowtail]

1 hour ago, KhunHeineken said:

But you will be able to if they keep printing money. 

No worries, all my money is in houses and lots. Whore houses and lots of booze! 

[KhunHeineken]

24 minutes ago, Yellowtail said:

No worries, all my money is in houses and lots. Whore houses and lots of booze! 

The Australian housing market will tank. No one will have any money to pay for sex.  Booze has too much tax and excise on it so people will stay home and drink. 

 

Dump your position and buy shares in banks.  Their profits are already up near 20% and there's more interest rate rises to come. 

[onthedarkside]

//Topic closed// on Op's request