Australia is drowning in debt.


https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-management-gurus-measure-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.


https://media.gab.com/system/preview_cards/images/020/187/664/original/1bb5e24c34580596.jpeg


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.

Bobby. wrote on Dec 23^rd, 2021 at 4:01pm:

Australia is drowning in debt. https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-management-gurus-measure-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. https://media.gab.com/system/preview_cards/images/020/187/664/original/1bb5e24c34580596.jpeg 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.

Let's see.
https://tradingeconomics.com/country-list/government-debt-to-gdp

Japan 266%
Greece 206%
Italy 156%
Singapore 131%
USA 124%
France 116%
UK 95%

What was Australia again

Need I go on.
Bobby, you're a fukkin idiot.

crocodile wrote on Dec 23^rd, 2021 at 6:23pm:

Bobby. wrote on Dec 23rd, 2021 at 4:01pm: Australia is drowning in debt. https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-management-gurus-measure-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. https://media.gab.com/system/preview_cards/images/020/187/664/original/1bb5e24c34580596.jpeg 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. Let's see. https://tradingeconomics.com/country-list/government-debt-to-gdp Japan 266% Greece 206% Italy 156% Singapore 131% USA 124% France 116% UK 95% What was Australia again Need I go on. Bobby, you're a fukkin idiot.

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now?  ;D ;D ;D ;D ;D ;D ;D

macman wrote on Dec 23^rd, 2021 at 6:41pm:

crocodile wrote on Dec 23rd, 2021 at 6:23pm: Bobby. wrote on Dec 23rd, 2021 at 4:01pm: Australia is drowning in debt. https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-management-gurus-measure-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. https://media.gab.com/system/preview_cards/images/020/187/664/original/1bb5e24c34580596.jpeg 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. Let's see. https://tradingeconomics.com/country-list/government-debt-to-gdp Japan 266% Greece 206% Italy 156% Singapore 131% USA 124% France 116% UK 95% What was Australia again Need I go on. Bobby, you're a fukkin idiot. So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now?  ;D ;D ;D ;D ;D ;D ;D

Dumbo, I call it nothing. I have no libbo or labor mates and don't give a fukk about current debt. I've simply addressed Bobby's stupidity.

crocodile wrote on Dec 23^rd, 2021 at 6:45pm:

I've simply addressed Bobby's stupidity.

''You'll lose that one.

Bobby's stupidity has no limits.

macman wrote on Dec 23^rd, 2021 at 6:41pm:

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now?

not a peep from Murdoch or any of the other liberal retards on debt  ... 

whilst for years under labor it was front page news on a weekly basis

macman wrote on Dec 23^rd, 2021 at 6:41pm:

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now?  ;D ;D ;D ;D ;D ;D ;D

Croc is a croc of ....


Yes Abbott declared a  "debt and deficit disaster"
and a budget emergency and then he and all his mates
proceeded to quadruple our debt.

macman wrote on Dec 23^rd, 2021 at 6:41pm:

crocodile wrote on Dec 23rd, 2021 at 6:23pm: Bobby. wrote on Dec 23rd, 2021 at 4:01pm: Australia is drowning in debt. https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-management-gurus-measure-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. https://media.gab.com/system/preview_cards/images/020/187/664/original/1bb5e24c34580596.jpeg 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. Let's see. https://tradingeconomics.com/country-list/government-debt-to-gdp Japan 266% Greece 206% Italy 156% Singapore 131% USA 124% France 116% UK 95% What was Australia again Need I go on. Bobby, you're a fukkin idiot. So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now?  ;D ;D ;D ;D ;D ;D ;D

Quote:

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates

Not only that according to Croc as well. Now 400% worse and Croc is making hypocritical excuses.

John Smith wrote on Dec 23^rd, 2021 at 7:11pm:

macman wrote on Dec 23rd, 2021 at 6:41pm: So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now? not a peep from Murdoch or any of the other liberal retards on debt  ...  whilst for years under labor it was front page news on a weekly basis

You're not wrong.

---

crocodile wrote on Dec 23^rd, 2021 at 6:45pm:

macman wrote on Dec 23rd, 2021 at 6:41pm: So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now?  ;D ;D ;D ;D ;D ;D ;D Dumbo, I call it nothing. I have no libbo or labor mates and don't give a fukk about current debt. I've simply addressed Bobby's stupidity.

Nothing? I'm sure a lot of us would like to get our hands on some of that 871 billion nothings, like Morrison's mates did.

You should care about the debt because the interest payments on that debt will force the government - no matter who is in power - to increase taxes, cut services or abolish tax rebates to pay for it.

A lot of the debt is run up by the States.

https://www.afr.com/policy/economy/total-australian-state-and-federal-government-debt-to-double-to-2trn-20210623-p583fz

The biggest danger to Australia is not government debt but personal debt of householders.

https://www.corelogic.com.au/sites/default/files/2020-11/image_1_1.jpg

No doubt Labor will hammer debt over the next few months, but they know that if they were in office now, they'd have run up a similar amount.

issuevoter wrote on Dec 23^rd, 2021 at 10:23pm:

No doubt Labor will hammer debt over the next few months, but they know that if they were in office now, they'd have run up a similar amount.

This wasn't true in the past ? what makes you think that labor would uncharacteristically perform as poorly as the Liberals now ?


Quote:

Since the election of the Whitlam government in 1972, the average tax to gross domestic product ratio during three Labor governments was 20.4 per cent while during the three terms of Coalition government it’s been 22.4 per cent.

OH why would Labor hammer the Liberals over their debt hypocrisy when they can equally hammed them over their Taxation Hypocrisy as well.

They seem to be incompetent across the board ?

It looks like both Labor and Liberal have
created money out of thin air.

They make Govt. bonds and the Reserve bank
buys them by printing more money.

That dilutes the value of peoples savings
and causes inflation -
hence the massive increase in house and share prices.
Expect everything to go up in price quickly.
The Govt. has basically stolen my savings.

"Australia is drowning in debt."


I disagree, Australia is floating on debt.

The debt saved us from experiencing the worst recession since the 1930s  8-)

Bobby. wrote on Dec 24^th, 2021 at 5:38am:

It looks like both Labor and Liberal have created money out of thin air. They make Govt. bonds and the Reserve bank buys them by printing more money. That dilutes the value of peoples savings and causes inflation - hence the massive increase in house and share prices. Expect everything to go up in price quickly. The Govt. has basically stolen my savings.

bingo bobby.

the cost of building materials has gone up 45 % in the last 12 months.

there is no such thing as a "free meal"

if the government prints money, that is inflating the money supply.

its the definition of inflation.

the cost of living goes up for the poor and the cost of housing , petrol, electricity etc....they are screwed.

the real spending power of someone with savings or super goes down, that holiday home they dreamed of buying has gone up 300 k, now they cant have it, their spending power is demolished.

the big winners are those who already have assets and those who can hoover up all the cash that the government pumps into the economy to try to keep it afloat.

the big corporations.

google, amazon, walmart are ACTIVELY buying residential real estate in america.
they own peoples houses.
they get the rent, they get the netflix subscriptions, they get the online shopping profits, they deliver the takeaways to the door, they own uber and menulog,

the consumer is nothing more then a means to an end
an impoverished chode, living a life of pure garbage, who is prodded and stimulated by the powerful so they can extract value out of him.

he is not allowed to do anything, risk anything or produce anything

he is just there to stay in his box and do what he's told

if profits flow better due to lockdowns and money printing (which they most certainly do) then he can expect these to persist for longer so that he can be further enslaved.

enslaved by his own seeking of pleasure and comfort and the easy path.

what a fool

aquascoot wrote on Dec 24^th, 2021 at 11:38am:

Bobby. wrote on Dec 24th, 2021 at 5:38am: It looks like both Labor and Liberal have created money out of thin air. They make Govt. bonds and the Reserve bank buys them by printing more money. That dilutes the value of peoples savings and causes inflation - hence the massive increase in house and share prices. Expect everything to go up in price quickly. The Govt. has basically stolen my savings. bingo bobby. the cost of building materials has gone up 45 % in the last 12 months. there is no such thing as a "free meal" if the government prints money, that is inflating the money supply. its the definition of inflation. the cost of living goes up for the poor and the cost of housing , petrol, electricity etc....they are screwed. the real spending power of someone with savings or super goes down, that holiday home they dreamed of buying has gone up 300 k, now they cant have it, their spending power is demolished. the big winners are those who already have assets and those who can hoover up all the cash that the government pumps into the economy to try to keep it afloat. the big corporations. google, amazon, walmart are ACTIVELY buying residential real estate in america. they own peoples houses. they get the rent, they get the netflix subscriptions, they get the online shopping profits, they deliver the takeaways to the door, they own uber and menulog, the consumer is nothing more then a means to an end an impoverished chode, living a life of pure garbage, who is prodded and stimulated by the powerful so they can extract value out of him. he is not allowed to do anything, risk anything or produce anything he is just there to stay in his box and do what he's told if profits flow better due to lockdowns and money printing (which they most certainly do) then he can expect these to persist for longer so that he can be further enslaved. enslaved by his own seeking of pleasure and comfort and the easy path. what a fool

As per highlighted -
it's destroyed most of my plans.

Liberal party debt good Labor party debt bad

Labor majority government wrote on Dec 24^th, 2021 at 12:44pm:

Liberal party debt good Labor party debt bad

Got that right

Labor majority government wrote on Dec 24^th, 2021 at 12:44pm:

Liberal party debt good Labor party debt bad

Nup, Kevvie's Labor Party debt was also good.

It saved us from the GFC.  8-)

ScoMo's Liberal Party debt is good, it saved us from the COVID great depression.  8-)

Dnarever wrote on Dec 23^rd, 2021 at 11:00pm:

what makes you think that labor would uncharacteristically perform as poorly as the Liberals now ?

labor has traditionally performed far better with debt and tax. The libs had ONE govt that paid off the debt, and that was only because labor set up the economy for them and they sold off the roof from over their heads. Anyone can sell everything to pay debt, that's just short term relief for long term pain ....

a truly good economic manager pays off debt without having to sell of his assets

https://www.visualcapitalist.com/wp-content/uploads/2024/12/A_World_of_Debt_2024_SITE.jpg