No doubt we'll hear Jim Chalmers spruik the Aus economy while he delivers the Budget but our rapid accumulation of debt tells a different story.
If the Government had taxed to meet expenditure, then our economy would have likely been in and out of recession since the GFC. Instead it, like Aussie consumers, have borrowed as if there is no tomorrow.
The current bout of inflation has changed all that with the Government repayment of interest skyrocketing and the average Aussie been hit with higher loan repayments on top of consumer essentials' inflation.
The big question is: "Are the chickens coming home to roost"? and if so, when?
Here is a quote from the Australian Debt Clock re Gov & private Debt in Trillions!
No wonder there is Government concern re household financial stress and the consequences politically at the next election.
PS: Household debt interest is now well above 6%.and the Government 10 year bond interest rate/yield is now 4.4%
