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%
