It’s official – the “conservative” Coalition government has now accumulated more government debt in five years in office than its predecessor, Labor, had in their six years.
As per the Australian Office of Financial Management (fast becoming an oxymoron), the total Australian government securities issued as of the end of last total $518,637 million.
At the end of the Labor government in 2013, the debt stood at $257 billion.
Congratulations, Coalition! I don’t think anyone has ever expected such stellar performance, but you did it. The sky is the limit now.
Arthur Chrenkoff blogs at The Daily Chrenk where this piece also appears.
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