Debt Wave Grows

Congratulations Julia and Wayne, on your new milestone – Australia’s National debt has topped $200 billion after Labor borrowing $100 million per day.

Australia now has its largest debt in history, after we borrowed $3.2 billion over the last week. On 11 March 2009, Treasurer Wayne Swan invoked “special circumstances” to increase the debt ceiling to a “temporary” level of $200 billion. In the last budget the government has increased the debt ceiling permanently to $250 billion.

See the Total Commonwealth Government Securities on Issue.

There are 12.3 million taxpayers in Australia, so thats $16,260 of debt on behalf of each of us. Are you any better off?

h/t Senator Barnaby Joyce (LNP)


0 thoughts on “Debt Wave Grows

    • At least you guys can laugh about it:

      The economy is so bad…

      – I got a pre-declined credit card in the mail- CEO’s are now playing miniature golf.

      – Exxon-Mobile laid off 25 Congressmen

      – Angelina Jolie adopted a child from America

      – Motel Six won’t leave the light on anymore

      – A picture is now only worth 200 words

      – They renamed Wall Street ” Wal-Mart Street”

      – And, finally (drumroll), I called the Suicide Hotline. I got a call
      center in Pakistan and when I told them I was suicidal, they got all
      excited, and asked if I could drive a truck.

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