The down side of having 3 levels of Government is that Commonwealth Governments can spruik low debt levels achieved by starving States and States starving Munis of lollies. The truth of the matter is that the taxpayer owns all 3 levels of debt and is footing the combined interest bills.
The bottom line for us at present is that interest on all 3 levels of debt is fast approaching $50 billion a year ; funds that are badly needed for health, education & welfare in the longer term.
We have not been in recession for 29 years yet successive Governments have racked up this collossal debt at a time when we really need cash in the till. Like frogs boiling we have voted-in sussessive Governments who bought our votes by overpromising lower taxes and higher benefits and now the Global Bond Market will cluel us with a credit downgrade (higher interest rates for bond borrowing) when the dice is loaded.
