Net debt
According to Australia’s Department of Finance, net debt in January hit $619.5 billion. Finance forecasts this to reach $691.9 billion by June and $812.1 billion by June 2022.
That compares with $161.3 billion left by Labor in 2013. Thus, the Department of Finance projects the Coalition will have more than quadrupled Labor’s net debt by mid-year. And more than quintupled it next year.
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The Coalition has now added a staggering $543.9 billion to the gross debt – more than half a trillion – after promising to reduce it dramatically.
Debt per person
Using ABS population numbers, current gross debt comes to $31,744 per man, woman and child. That’s up from just $11,700 when this Government took office.
Future generations must pay interest on that for their entire working lives, unless it is somehow repaid.
According to the Department of Finance, interest on the debt this financial year will be $17,051 million. That’s $46.7 million every day. That quantum is not available to assist Australians who are sick, jobless, homeless or disabled or to help people in poorer countries in even greater need.
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