According to australiandebtclock,com.au our national Government debt is as follows:
-$348 billion Commonwealth. Gov Debt
-$279 billion State & Local Gov Debt
-$625 billion total Government Debt
-23.489 million population
-$26,600 debt per man, woman & child
-419.6 billion per year interest @ 3.14% interest
The current budget indicates almost $30 billion deficit (extra debt)
So how folks are you going to pay your debt?
A household of say 2 adults and 3 children owe $133,000 .
Many on this board advocate taking this money from the poor by reducing
benefits and increasing taxes and charges.
To me the logical thing is to raise taxes on minerals (our strength) by simply
removing the GST concession from mining exports.
This will not add to administrative costs for either the miners or the ATO
because mining tax inputs are already accounted for and refunded by
the ATO to the miners.
To pay down our debt and interest over the next 25 years we have to raise
$36 billion a year.
Now where is that going to come from?
Higher Government Taxes?
Higher Government charges?
Higher PAYE
Higher Corporate tax
OR
Lower welfare payments
Lower unemployment benefits
Scrapping of handouts such as child allowances, baby bonuses & 1st home owner
grants etc
Scrapping of foreign aid overseas disaster payments
Reducing the health budget
Reducing the armed forces budget (If the US or UN need us then they pay)
Reducing education budget so that user pays full amount beyond high school
Reducing transport subsities so that user pays
Reducing subsities to the bush (let user pay)
Reducing Aboriginal special support programs
Let's face it as the Hollywood movie said: "Something's got to give"
Do I hear you say:
"she'll be right"
"she's sweet"
'just cop it sweet and stop whinging like a Pom"
'she's apples"
But I suppose if all else fails then we can run a Australian Debt Lorttery
( a giant soverign chuck raffle) because it looks like we'd prefer to have a punt than pay our bills.
cheers
moorookamick
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