perceptions_now
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Australian Politics
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crocodile wrote on Aug 20 th, 2013 at 2:03pm: Armchair_Politician wrote on Aug 20 th, 2013 at 9:00am: # wrote on Aug 17 th, 2013 at 3:21pm: Maqqa wrote on Aug 17 th, 2013 at 3:19pm: Debt under LIBs = ZERO
Debt under ALP = $300B GFC You've made the rather common mistake of comparing gross debt to net debt. The coalition never had gross debt below zero. The lowest gross debt was end of 2006 at around 50 bil. Net debt was negative as claimed. If you want to compare debts then you really should either compare net with net or gross with gross. As of today, government net debt is around 180 bil. It ended years ago. Why not blame the Great Depression too???  Gross Debt is/was, as follows -
Date (30 June) Gross Debt ($ millions)
2007 58,284
2008 60,462
2009 101,147
2010 147,133
2011 191,291
2012 233,976http://en.wikipedia.org/wiki/Australian_national_debtThe Net Debt situation, from 1970-now can be found at the following site -http://www.budget.gov.au/2012-13/content/myefo/html/13_appendix_d.htmAs can be seen, the Libs picked up a Net Debt on taking office in 1996, which Peaked at some $96 Billion, they then converted that into a Net Credit of $45 Billion on leaving office in 2007 ,just as the GFC was getting under way. The last figures, on this article, shows Labor going back to a Net Debt of around $144 Billion at the end of June 2012. It is also worth noting that Net Debt rose initially when Hawke/Keating won office in 1983. It then fell back to more usual levels, before rising again, which co-incided with the Economic slowdown of the early to mid 1990's. It should also be noted that Hockey actually went urther than Maqqa, by claiming Zero Debt when the Libs left office & that Labor would leave a $400 Billion Debt on leaving office. Given the above, it would seem both Maqqa & Joe have used the Libs Net Debt on leaving office AND both have used the Gross Labor Debt, with Maqqa maybe using an estimate for the end of June 2014 & Joe perhaps using a forward estimate guestimate for 2017???
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