News Summary

• According to the IMF, our various governments’ combined gross debt is 113.9 per cent of GDP.
• In 1990, at the beginning of a decade that came to be dominated by a debt crisis, it had been just 73.7 per cent.
• The deficits projected in the 2025 federal budget will take our gross debt even higher.
• As we approach this point, our credit rating will fall and the interest rate we pay will rise, worsening the problem.
• We will have no choice but to declare bankruptcy.