Asia Pacific, Financial, Global Economics, News

Australia’s Debt to Peak within 5 to 6 years

Australia’s Debt to Peak within 5 to 6 years

Australia’s drive to balance the books will see the federal government’s debt pile top out within about five or six years and then start to shrink again, according to Treasurer Scott Morrison.

“Australia budget surplus was last in 2007-2008”

~ Bloomberg

Australia budget surplus was last in 2007-2008 and attempts to reduce the deficit have been hindered by a slump in revenue as commodity prices fall. The treasurer challenge is to maintain Australia’s public finances on a stable footing without increasing risks to the economy as it reduces its reliance on mining.

Related Reports: Bloomberg, The Sydney Morning Herald

 

About Australia Government Debt

The Australian government debt is the amount owed by the Australian federal government.The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government. Australian government borrowings are subject to limits and regulation by the Loan Council, unless if the borrowing is for defence purposes or is a ‘temporary’ borrowing.

Visit:  Australia Government The Treasury

 


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