carbon tax costello nails it, page-45

"Both have the same percentage but the overall amounts are vastly different."

Thanks for the illumination!

But anyway, seeing as we are into comparisons why not compare the debt to GDP ratios of, for instance, the UK and the USA with that of AUS.

Ours is currently around 8%. The UK 60%. The USA 125% (and with further monetary easing going much higher.)

A couple of facts to reflect upon:

The true cost of debt is the interest paid, not the capital. Those criticizing the debt level need to keep this in mind.

They should also keep in mind that there would be a trade off in not going into debt: a lower level of economic activity. So the true cost of going into debt is the interest paid less the boost to economic activity which would not have occurred if the debt had not been taken on.

Of course, all those who take an interest in these affairs will know the above so we can readily accept it as fact that those who bleat moan groan and cry over our debt level are, lets face it, on about a political agenda and not about advocating good economic management.