In today’s world, government spending accounts for up to and (in the EU) over 50 per cent of GDP – Australia’s at 38 per cent may be understated due to it being a federation. In the 1920s, no significant government spent more than 20 per cent of its nation’s GDP (federal spending in America and Australia was 4 per cent 6 per cent respectively).
Sovereign debt is now well in excess of 100 per cent of GDP in most EU countries, America, and Japan – Australia’s is 57 per cent.
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