There are a lot of people who comfort themselves by thinking that the Commonwealth government’s $1 trillion of debt is not that large a proportion of GDP, especially when compared to some of the more indebted nations such as the US, Japan, and several other European nations.
But then you add in the roughly $600 billion of debt held by the states and territories, and you get the same response. Not so much compared to.
Ah. But then when you add in Australia’s household debt, then, beyond a shadow of a doubt, Australia is one of the most indebted nations in the world. And most likely right at the top on a per capita basis.
If you look up living beyond your means on Wikipedia, there should be a picture of Australia.
Australia is one small shock away from an economic catastrophe.
And should he be Treasurer when this happens, no doubt Treasurer Jim Chalmers will blame anyone but himself and his government colleagues.
Meanwhile, I was watching Deputy Liberal Party Leader and Shadow Treasurer Ted O’Brien on Insider this morning. He might be better called Ted Yawn’Brien.
What a bore. He is not across the economic details and puts out tortured cliches, including about school fees.
It’s no wonder the Albanese government is getting away with what it is getting away with.
Team Ley is not ready for prime time. Perhaps they are better suited for local council.
Yawn.
