The coronavirus recession will leave state and federal governments with more than $1.4 trillion in net debt by by 2024 and budgets that will struggle to get back into surplus without higher tax collections and unprecedented levels of economic growth.Guy Debelle warned against the early end of public spending to support the economy
Premier Daniel Andrews and Treasurer Tim Pallas unveiled plans to lift Victoria's net debt levels by 250 per cent.Combined, the states and territories carried $125.5 billion in net debt in the 2019-20 financial year. NSW was in the strongest position with negative net debt of $10.4 billion. By 2023-24, net debt across all levels of government is forecast to reach more than $1.4 trillion, of which $966 billion will be held at the federal level.
Governments have no choice but to support the economy through recession & helping those hardest hit makes sense. Investments in a clean energy transition are sensible as the growing costs of climate change will become a permanent hit to the economy and clean energy a benefit.
For perspective on federal debt well before Covid-19. Rapid increase in debt from 2013-2019 with no excuse.
Morrison caused this recession well before COVID19. It’s the morrisonrecession
Totally fine to get into debts as long as ROI is achieved. Accounting 101 ..a business cash rich with no debts is a regressive business. Progressive businesses borrow to grow ,it is all about being able to generate huge returns and jobs ,then save the returns to pay off debts.
Get all major economies to print money and pay off debts. It's all about relativity. If every body do thisv at same time , debts is reduced and currencies exchange not affected. Besides bit coin and cyber currencies are taking over. Eventually hard copy currencies are redundant.
Oh not that surplus myth again.
Don’t at all care. It is the least important thing at the moment.
Labor plans to repay this with loans from China?
Stop giving into miners and that deficit becomes a surplus within a decade or less
Dan Andrews a Leader for all Morrison is not
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