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Alan’s 7.10 editorial 26.06.17

Debt               June 26 2017

Well, how often do Australians have to hear warnings like this  before they accept the age of entitlement must end and they must live within their means?

A report by the Bank for International Settlements, released last night, is warning that soaring debt in a handful of countries, including Australia and Canada, is putting the global economy at risk of recession

As of 2016, Australia’s total private debt was around $2 trillion with the average Australian household owing $250,000

If interest rates rise it’s pretty certain much of that personal debt will not be able to be repaid

That could tip the country and, according to the Bank of International Settlements, the world, into recession

Meanwhile, the Federal Government’s gross debt reached $500 billion on Friday a week ago

Government gross debt is expected to exceed $600 billion by 2019-20

The Federal Government will pay $15.3 billion in interest on loans this financial

It will pay $18.7 billion in interest in 2019-20

Government debt has risen more than $50 billion a year since the global financial crisis in 2008

It rose a record $77.6 billion this financial year

Australia is in desperate need of Budget repair both on a Government and an individual level

It’s time we woke up to the fact that Government cannot afford Gonski education spending, taxpayer-funded childcare and out-of-control Family Tax Benefit payments and that we, individually, may not be able to afford exactly the house we want

 

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