"if australia did not have to tax and borrow to pay interest,imagine what the economy would be like,and be sustainable."
You could use the interest saved to pay unemployment benefits to hundreds and hundreds of thousands more people. Or use it to recapitlise the banks due to massive massive losses from business and household sectors. You could also use it to pay all the legal fees etc etc etc required to start up the businesses that would have gone under at the height of the GFC.
That would all make the interest bill look insignificant.
