Re your post which included; "... Golly I have fun picking apart these arguments... ..."
Well it's certainly not hard to do, especially since data from reputable sources quickly dispels the notion that Australia's public debt is excessive.
Indeed, IMO people should question the practices of ratings agencies - since when have they been known to get anything right?
The reality is that Australia's debt levels are close to the lowest for any major developed country, including China. IMO this is even reflected in the value of the $Aud - still on its upward trajectory.
As for Qld's position, IMO that debt reflects costs associated with recovery & revenues lost due to the impact of Cyclone Yasi & its aftermath. Perhaps Bligh should bite the bullet & increase royalties on big mining companies etc. - as per WA?
On my recent visit to Cairns it was pretty apparent that the region was just humming along - even if pay cheques for some are still coming & some are still feeling the pain.
As for private debt, well it appears the 'pig out on the credit card era' that defined John Howard's Govt. has morphed into record-breaking savings patterns. Even the RBA is impressed!
Let's hope that global warming doesn't bring more Yasi's & worse to Qld. A special thanks to Kev07 for giving taxpayers some of their money back at the start of the GFC, allowing many to escape serious trouble. Thanks also to all taxpayers for helping our Qld mates recover, even if you don't like Julia Gillard's imposition of the Flood Tax.
