peterd, I posted the table and link so you could use accurate figures in your arguments. The last full year interest payment figure was $6.6b or 0.4% of GDP.
zzedzz, the debt is around $150b, check the table I posted.
The governments income has been fairly flat for 5 years, but cost and growth still add pressure to government budgets without any additional spending, so using just dollar figures is an inaccurate way to measure what is required to maintain a government.
Has the current government wasted money? Yes, without a doubt.
Would the government still have been in debt even if they didn't waste money? Yes, absolutely. As confirmed by the Coalition stating they would also of been in debt.
How much was wasted and how much was warranted spending? Well that is where it becomes cloudy and a political based opinion. There can be arguments either way as to validity of the spending. Though Labor acknowledged they overspent on the GFC, but claimed it preferable to underspending.
What negative flow on affects would have occurred if the government had of implemented a slash and burn approach. The economy would of been a disaster, and Australia would have been in a far worse position which would take a long long time for Australia to recover.
Have Gillard or Abbott given us any confidence they know how to steer Australia's economic future after September? Absolutely not. Both have been dancing around and making soap box promises that mean zilch in managing and moving forward Australia's economic future.
