Hi, You have your wish. You're wrong. Sorry, I should have been clearer. Australia's debt, AS A PERCENTAGE OF GDP, is a fraction of the rest of the developed world. So we're comparing apples with apples. Obviously, it wouldn't make sense to compare sovereign debts in nominal terms.
The debt was not slated to be paid off in 12 months. Both sides of politics projected a surplus in 3 years. If the coalition had won, they proposed higher spending and had a 10b black hole, so perhaps a bit longer for them. I can't remember the detail of their costings but when I read them but do remember being gob-smacked at the costings. Have to revisit it. Also, the NBN is to be rolled out over 7 years or so and then sold to the private sector. The difference between the sale price and the cost plus interest paid while it's being built is the actual cost. Certainly, a significant investment in vital infrastructure yet nothing like 42b and spread over many years.
BTW, It'd be good to be able to use italics on hot copper to emphasise something. Capitals are the only alternative and it feels like shouting at someone, although I'm sure there are those that would be more than happy to shout at me. lol
