australian national debt, page-5

yes, that is where the risks are. If we (collectively as a nation) live beyond our means, our kids don't have a future.

And, it is not surprising not to hear much from Howard, Costello, etc, talking about our high external debts. It is very misleading for Costello to say Australia now has no debts, when all he meant was the C'Wealth govt now has no debts.