Australia drives up debt to Menzian levels with no end in sight | swrighteconomy
Australian government debt has increased the most of any major economy this century, more than doubling over two decades,Government and household data collated by the International Monetary Fund show federal government debt has grown by 221 per cent since 2000. At 44.1 per cent of GDP, federal debt is at its highest share of the economy since Sir Robert Menzies was prime minister in 1964.
Australia’s gross government debt will finish the year at $855 billion, with another $60 billion expected to be issued over the next six months.points to debt levels continuing to climb. Gross debt is expected to reach a record $1.2 trillion by 2024-25. The budget is expected to remain in deficit until at least 2031-32.
He said the Coalition’s cap on tax as a share of GDP would run into the growing cost of programs such as the National Disability Insurance Scheme and the government’s own promise to increase expenditure on defence. Labor had not outlined any spending cuts or revenue increases it might take to the election due by May.
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