Australia's Record $1.4 Trillion Net Debt! Never To Be Repaid?
25th Nov 2020: God Help 25m Aussies If I'm Wrong!
Net All Gov't's Debt Soars To A$1.4 Trillion By 2023-24! Why? Because RBA Governor Philip Lowe Says "It's OK...Go Do It..." This Is Only Starters...It's Likely To Hit Closer To A$2 Trillion...It's financially criminally irresponsible! Unless Gov't's have no intention of paying RBA (source of funds via QE's) back? Otherwise, taxpayers will cop the tax burden for this plus future generations!
Meanwhile, hundreds of thousands of small-medium business will go bankrupt, actual unemployment-underemployment will remain in millions, household debt soar to est. 400%+ (currently 200%+) of HI...
For Oct 2020, staggering 22.2% of workforce remains either unemployed (1.81m or 12.8%) plus underemployed (1.34m or 9.4%). (Roy Morgan)This iswithJobKeeper, JobSeeker etc! Image cum March '21?
In short, re above key issue, Gov't stats are simply "bullshit"...
PS: It's "cold comfort" for 25m Aussies that "it's worse overseas, USA for example..." trots RBA & Gov't's of all political persuasions>>>
By the way, 3rd major unresolved problem is that 30% plus or $150bn in Aussie exports are Chine-dependent, now ALL under serious threat!
So, IMO there are no viable solutions to 3 staggering economic-financial problems: 1. Debt 2. Unemployment-Underemployment 3. China Exports.
PPS: DEBT FORGIVENESS by RBA to Gov't's might fly? Same by Fed Gov't to major corporates-state entities? But it 100% certain that it will NOT happen to mum-n-dad Aussie taxpayers!
