$625 billion aussie debt

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    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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