australia faces a decade of debt

'AUSTRALIA faces at least a decade of debt until the billions in borrowings under Labor can be wiped from the Budget books, according to economists.

Treasurer Wayne Swan declined to comment yesterday on when he thought the current $144 billion net debt level could be repaid while shadow treasurer Joe Hockey would only say reducing debt was a "medium-term'' proposition.

The Howard government took 10 years to pay down the $96 billion net debt inherited from Labor in 1996.'


Read more: http://www.news.com.au/money/federal-budget/australia-faces-decade-of-debt-economists-warn/story-fn84fgcm-1226637112750#ixzz2Sc9kJwHz