Commonwealth Government debt = $348 billion State & Lacal Gov Debt.................. =$279 Billion Total Aussie Gov Debt....................=$625 billion Interest P/A @ 3.14%.....................=$19.6 billion per year
Australia's population....................=23.489 million
That folks is $26,600 debt per man, woman and child.
So if you are in a household of say 2 adults and three children, that's a lazy $133,000 on top of your mortgage because the debt has in effect been racked up by you.
If you dont want to personally pay the debt then what do you suggest?
My proposal is that it is paid off by further taxing our resources.
I know some will say that this will kill off the minerals industry but as they say in the classics, show me an example? It is fine speculating but examples speak louder than words.
My example is Norway which taxes its oil and gas resources and formed the world's largest soverign fund to supply pensions and social services to its citizens and this has not stopped Norway's export of oil and gas
Norway's soverign fund in now $854 Billion USD and for a country of 5 million that is a provision of $174000 USD per man woman and child. The Norwegians know how to look after their own !.
The Liberal Governement's mean hearted budget strategy is the "reverse Robin Hood" ; that is take from the poor to pay the rich.
