Australian Politics Forum - Australia is drowning in debt.

Bobby.

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Australia is drowning in debt.
Dec 23^rd, 2021 at 4:01pm

Australia is drowning in debt.

https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-mana...

By Alan Austin|December 17, 2021

When Labor left office, Australia’s gross debt was 16.8% of GDP. This was the third lowest in the OECD. Only Chile and Estonia were lower. Today, Australia’s gross debt is 39.5% of GDP. That blowout – of 22.7% of GDP – is close to the worst of all OECD members.

The Finance Department’s monthly report for October shows the Coalition has spent more on debt interest so far this financial year than on housing and community amenities, recreation and culture, natural disaster relief and public order and safety combined.

The Coalition has added $600 billion to the national debt with barely a whisper from the corporate media. Even today, at the release of the 2021 Mid-Year Economic and Fiscal Outlook (MYEFO), the response to a seemingly endless horizon of record deficits was muted in the pro-government The Australian and Australian Financial Review.

Both had been vociferous critics of Labor debt, yet now they are meekly accepting Coalition vows of tax cuts at a time when the nation can ill afford them. The double standard rings loudly.

Treasury’s Office of Financial Management has announced that Australia’s gross debt has reached $871.4 billion. That is a significant number if we recall that gross debt was $271.2 billion when the Labor government lost the September 2013 election.

The Coalition – which was elected primarily on commitments to reduce drastically “Gillard’s debt disaster” – has now added $600 billion to the modest debt Labor left.

The differences between Labor and Coalition debt are more than just quantity.

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crocodile

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Re: Australia is drowning in debt.
Reply #1 - Dec 23^rd, 2021 at 6:23pm

Bobby. wrote on Dec 23^rd, 2021 at 4:01pm:

Australia is drowning in debt.

https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-mana...

By Alan Austin|December 17, 2021

When Labor left office, Australia’s gross debt was 16.8% of GDP. This was the third lowest in the OECD. Only Chile and Estonia were lower. Today, Australia’s gross debt is 39.5% of GDP. That blowout – of 22.7% of GDP – is close to the worst of all OECD members.

https://media.gab.com/system/preview_cards/images/020/187/664/original/1bb5e24c3...

The Finance Department’s monthly report for October shows the Coalition has spent more on debt interest so far this financial year than on housing and community amenities, recreation and culture, natural disaster relief and public order and safety combined.

The Coalition has added $600 billion to the national debt with barely a whisper from the corporate media. Even today, at the release of the 2021 Mid-Year Economic and Fiscal Outlook (MYEFO), the response to a seemingly endless horizon of record deficits was muted in the pro-government The Australian and Australian Financial Review.

Both had been vociferous critics of Labor debt, yet now they are meekly accepting Coalition vows of tax cuts at a time when the nation can ill afford them. The double standard rings loudly.

Treasury’s Office of Financial Management has announced that Australia’s gross debt has reached $871.4 billion. That is a significant number if we recall that gross debt was $271.2 billion when the Labor government lost the September 2013 election.

The Coalition – which was elected primarily on commitments to reduce drastically “Gillard’s debt disaster” – has now added $600 billion to the modest debt Labor left.

The differences between Labor and Coalition debt are more than just quantity.

Let's see.
https://tradingeconomics.com/country-list/government-debt-to-gdp

Japan 266%
Greece 206%
Italy 156%
Singapore 131%
USA 124%
France 116%
UK 95%

What was Australia again

Need I go on.
Bobby, you're a fukkin idiot.

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Very funny Scotty, now beam down my clothes.

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macman

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Re: Australia is drowning in debt.
Reply #2 - Dec 23^rd, 2021 at 6:41pm

crocodile wrote on Dec 23^rd, 2021 at 6:23pm:

Bobby. wrote on Dec 23^rd, 2021 at 4:01pm:

Australia is drowning in debt.

https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-mana...

By Alan Austin|December 17, 2021

When Labor left office, Australia’s gross debt was 16.8% of GDP. This was the third lowest in the OECD. Only Chile and Estonia were lower. Today, Australia’s gross debt is 39.5% of GDP. That blowout – of 22.7% of GDP – is close to the worst of all OECD members.

https://media.gab.com/system/preview_cards/images/020/187/664/original/1bb5e24c3...

The Finance Department’s monthly report for October shows the Coalition has spent more on debt interest so far this financial year than on housing and community amenities, recreation and culture, natural disaster relief and public order and safety combined.

The Coalition has added $600 billion to the national debt with barely a whisper from the corporate media. Even today, at the release of the 2021 Mid-Year Economic and Fiscal Outlook (MYEFO), the response to a seemingly endless horizon of record deficits was muted in the pro-government The Australian and Australian Financial Review.

Both had been vociferous critics of Labor debt, yet now they are meekly accepting Coalition vows of tax cuts at a time when the nation can ill afford them. The double standard rings loudly.

Treasury’s Office of Financial Management has announced that Australia’s gross debt has reached $871.4 billion. That is a significant number if we recall that gross debt was $271.2 billion when the Labor government lost the September 2013 election.

The Coalition – which was elected primarily on commitments to reduce drastically “Gillard’s debt disaster” – has now added $600 billion to the modest debt Labor left.

The differences between Labor and Coalition debt are more than just quantity.

Let's see.
https://tradingeconomics.com/country-list/government-debt-to-gdp

Japan 266%
Greece 206%
Italy 156%
Singapore 131%
USA 124%
France 116%
UK 95%

What was Australia again

Need I go on.
Bobby, you're a fukkin idiot.

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now? Grin

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crocodile

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Re: Australia is drowning in debt.
Reply #3 - Dec 23^rd, 2021 at 6:45pm

macman wrote on Dec 23^rd, 2021 at 6:41pm:

crocodile wrote on Dec 23^rd, 2021 at 6:23pm:

Bobby. wrote on Dec 23^rd, 2021 at 4:01pm:

Australia is drowning in debt.

https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-mana...

By Alan Austin|December 17, 2021

When Labor left office, Australia’s gross debt was 16.8% of GDP. This was the third lowest in the OECD. Only Chile and Estonia were lower. Today, Australia’s gross debt is 39.5% of GDP. That blowout – of 22.7% of GDP – is close to the worst of all OECD members.

https://media.gab.com/system/preview_cards/images/020/187/664/original/1bb5e24c3...

The Finance Department’s monthly report for October shows the Coalition has spent more on debt interest so far this financial year than on housing and community amenities, recreation and culture, natural disaster relief and public order and safety combined.

The Coalition has added $600 billion to the national debt with barely a whisper from the corporate media. Even today, at the release of the 2021 Mid-Year Economic and Fiscal Outlook (MYEFO), the response to a seemingly endless horizon of record deficits was muted in the pro-government The Australian and Australian Financial Review.

Both had been vociferous critics of Labor debt, yet now they are meekly accepting Coalition vows of tax cuts at a time when the nation can ill afford them. The double standard rings loudly.

Treasury’s Office of Financial Management has announced that Australia’s gross debt has reached $871.4 billion. That is a significant number if we recall that gross debt was $271.2 billion when the Labor government lost the September 2013 election.

The Coalition – which was elected primarily on commitments to reduce drastically “Gillard’s debt disaster” – has now added $600 billion to the modest debt Labor left.

The differences between Labor and Coalition debt are more than just quantity.

Let's see.
https://tradingeconomics.com/country-list/government-debt-to-gdp

Japan 266%
Greece 206%
Italy 156%
Singapore 131%
USA 124%
France 116%
UK 95%

What was Australia again

Need I go on.
Bobby, you're a fukkin idiot.

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now? Grin

Dumbo, I call it nothing. I have no libbo or labor mates and don't give a fukk about current debt. I've simply addressed Bobby's stupidity.

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Very funny Scotty, now beam down my clothes.

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John Smith Gold Member Offline Australian Politics Posts: 74247 Gender:	Re: Australia is drowning in debt. Reply #4 - Dec 23^rd, 2021 at 7:10pm crocodile wrote on Dec 23^rd, 2021 at 6:45pm: I've simply addressed Bobby's stupidity. ''You'll lose that one. Bobby's stupidity has no limits.
Back to top	Our esteemed leader: I hope that bitch who was running their brothels for them gets raped with a cactus. IP Logged

John Smith

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Re: Australia is drowning in debt.
Reply #5 - Dec 23^rd, 2021 at 7:11pm

macman wrote on Dec 23^rd, 2021 at 6:41pm:

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now?

not a peep from Murdoch or any of the other liberal retards on debt ...

whilst for years under labor it was front page news on a weekly basis

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Bobby.

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Re: Australia is drowning in debt.
Reply #6 - Dec 23^rd, 2021 at 7:12pm

macman wrote on Dec 23^rd, 2021 at 6:41pm:

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now? Grin

Croc is a croc of ....

Yes Abbott declared a "debt and deficit disaster"
and a budget emergency and then he and all his mates
proceeded to quadruple our debt.

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Dnarever

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Re: Australia is drowning in debt.
Reply #7 - Dec 23^rd, 2021 at 7:36pm

macman wrote on Dec 23^rd, 2021 at 6:41pm:

crocodile wrote on Dec 23^rd, 2021 at 6:23pm:

Bobby. wrote on Dec 23^rd, 2021 at 4:01pm:

Australia is drowning in debt.

https://www.michaelwest.com.au/eight-years-in-how-do-our-coalition-economic-mana...

By Alan Austin|December 17, 2021

When Labor left office, Australia’s gross debt was 16.8% of GDP. This was the third lowest in the OECD. Only Chile and Estonia were lower. Today, Australia’s gross debt is 39.5% of GDP. That blowout – of 22.7% of GDP – is close to the worst of all OECD members.

https://media.gab.com/system/preview_cards/images/020/187/664/original/1bb5e24c3...

The Finance Department’s monthly report for October shows the Coalition has spent more on debt interest so far this financial year than on housing and community amenities, recreation and culture, natural disaster relief and public order and safety combined.

The Coalition has added $600 billion to the national debt with barely a whisper from the corporate media. Even today, at the release of the 2021 Mid-Year Economic and Fiscal Outlook (MYEFO), the response to a seemingly endless horizon of record deficits was muted in the pro-government The Australian and Australian Financial Review.

Both had been vociferous critics of Labor debt, yet now they are meekly accepting Coalition vows of tax cuts at a time when the nation can ill afford them. The double standard rings loudly.

Treasury’s Office of Financial Management has announced that Australia’s gross debt has reached $871.4 billion. That is a significant number if we recall that gross debt was $271.2 billion when the Labor government lost the September 2013 election.

The Coalition – which was elected primarily on commitments to reduce drastically “Gillard’s debt disaster” – has now added $600 billion to the modest debt Labor left.

The differences between Labor and Coalition debt are more than just quantity.

Let's see.
https://tradingeconomics.com/country-list/government-debt-to-gdp

Japan 266%
Greece 206%
Italy 156%
Singapore 131%
USA 124%
France 116%
UK 95%

What was Australia again

Need I go on.
Bobby, you're a fukkin idiot.

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now? Grin

Quote:

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates

Not only that according to Croc as well. Now 400% worse and Croc is making hypocritical excuses.

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Bam

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Re: Australia is drowning in debt.
Reply #8 - Dec 23^rd, 2021 at 7:38pm

John Smith wrote on Dec 23^rd, 2021 at 7:11pm:

macman wrote on Dec 23^rd, 2021 at 6:41pm:

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now?

not a peep from Murdoch or any of the other liberal retards on debt ...

whilst for years under labor it was front page news on a weekly basis

You're not wrong.

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media-mentions-debt.jpg (111 KB | 10 )

You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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Bam

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Re: Australia is drowning in debt.
Reply #9 - Dec 23^rd, 2021 at 7:48pm

crocodile wrote on Dec 23^rd, 2021 at 6:45pm:

macman wrote on Dec 23^rd, 2021 at 6:41pm:

So genius, if Labors 271 billion debt was a "debt and deficit disaster" according to your libbo mates, what do you suggest we call our 871 billion debt your libbo mates have run up now? Grin

Dumbo, I call it nothing. I have no libbo or labor mates and don't give a fukk about current debt. I've simply addressed Bobby's stupidity.

Nothing? I'm sure a lot of us would like to get our hands on some of that 871 billion nothings, like Morrison's mates did.

You should care about the debt because the interest payments on that debt will force the government - no matter who is in power - to increase taxes, cut services or abolish tax rebates to pay for it.

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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Frank Gold Member Offline Australian Politics Posts: 44659 Gender:	Re: Australia is drowning in debt. Reply #10 - Dec 23^rd, 2021 at 9:41pm A lot of the debt is run up by the States. https://www.afr.com/policy/economy/total-australian-state-and-federal-government-debt-to-double-to-2trn-20210623-p583fz
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Laugh till you cry Gold Member Offline Posts: 16619 In your happy place Gender:	Re: Australia is drowning in debt. Reply #11 - Dec 23^rd, 2021 at 10:10pm The biggest danger to Australia is not government debt but personal debt of householders.
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issuevoter Gold Member Offline Australian Politics Posts: 9200 The Great State of Mind Gender:	Re: Australia is drowning in debt. Reply #12 - Dec 23^rd, 2021 at 10:23pm No doubt Labor will hammer debt over the next few months, but they know that if they were in office now, they'd have run up a similar amount.
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Dnarever

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Re: Australia is drowning in debt.
Reply #13 - Dec 23^rd, 2021 at 11:00pm

issuevoter wrote on Dec 23^rd, 2021 at 10:23pm:

No doubt Labor will hammer debt over the next few months, but they know that if they were in office now, they'd have run up a similar amount.

This wasn't true in the past ? what makes you think that labor would uncharacteristically perform as poorly as the Liberals now ?

Quote:

Since the election of the Whitlam government in 1972, the average tax to gross domestic product ratio during three Labor governments was 20.4 per cent while during the three terms of Coalition government it’s been 22.4 per cent.

OH why would Labor hammer the Liberals over their debt hypocrisy when they can equally hammed them over their Taxation Hypocrisy as well.

They seem to be incompetent across the board ?

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Bobby.

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Re: Australia is drowning in debt.
Reply #14 - Dec 24^th, 2021 at 5:38am

It looks like both Labor and Liberal have
created money out of thin air.

They make Govt. bonds and the Reserve bank
buys them by printing more money.

That dilutes the value of peoples savings
and causes inflation -
hence the massive increase in house and share prices.
Expect everything to go up in price quickly.
The Govt. has basically stolen my savings.

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