what is australias total debt?, page-32

Hi Dopey

The thread is about the federal budget 'emergency' - not about the states.

Sorry you got it wrong the heading was Australia which includes all of Australia private and government

What I was concerned about was all the hidden true debt.

EG if you lease a building for 3 years your debt is not this months rent it is the 3 years rent

To repeat a portion
Collectively Australia’s banks have become even more addicted to derivatives gambling since the GFC, increasing their total exposure from $13 trillion in 2008, to $21.5 trillion as of the latest measurement by the Reserve Bank. This amount completely dwarfs the nation’s entire annual income, measured in gross domestic product, of $1.4 trillion.

The banks are part of Australia's debt because at the root of all the debt is the fact that the government puts the criteria in place where all business operates so all debt has to be all debt as ultimately we as a nation have to pay it back and the failure of the banks to pay their debt would have severe ramifications to the rest of us.

I have never said that Australia's debt as left by Labor was dangerous by itself but there has been (prior to now) no attempt to repay it when a lot of our economy is slowing down and that includes our trading partners whom we rely on so it would be good if Australians knew what debt the country was in