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Aug 27, 2011

Australian national debt tops $200 billion.

Cartoon: By Ramirez

It seems incredible in this age that the Khemlani affair, which set in motion the downfall of the Whitlam government, was over the attempted borrowing of US$4 billion. Back in 1975 though 4 Billion was thought of as big money. To give some idea of the comparative value, it was to be used to fund a number of natural resource and energy projects, a natural gas pipeline, the electrification of interstate railways and (oddly for Labor) a uranium enrichment plant.

It became a scandal owing to the use of backstreet dealers, the bypassing of treasury guidelines, and the secrecy involved, with the Minister for Minerals and Energy raising the loan independent of Treasury.

Now according to Barnaby Joyce the debt level is over $200 billion and moving rapidly upward:

Nation's debt tops $200 billion after Labor borrows $100 million per day
Congratulations Wayne (Swan) on your double century. We knew if you stayed at the crease long enough you would get there. Actually it didn’t take you long at all; you have been doing a "fine job".

I have always had "complete confidence" in your ability to give Australia its largest debt in history.

Today our nation's debt went over $200 billion for the first time ever. We borrowed $3.2 billion over the last week.

Our debt ceiling was $75 billion when this crowd got into government. On 11 March 2009, Wayne Swan invoked "special circumstances" to increase it to a "temporary" level of $200 billion. In the last budget the government has increased it permanently to $250 billion.

If we keep borrowing money like we borrowed last week, we might be able to give this latest ceiling a nudge.

This fiasco that is masquerading as a government has got to end. This relationship cannot go on.

If you go to you will see that your nation's "Total Commonwealth Government Securities on Issue" as of today sits at $200.242 billion.

The Labor party has increased our gross debt by $140 billion since they came to office in November 2007.

They have been in government for 1371 days and have therefore borrowed over $100 million per day.

There are 12.3 million taxpayers in Australia, so this government has borrowed an extra $11,000 on behalf of each of them.

"What have we got to show for this debt? Fluffy stuff in the ceiling, which burned down 190 homes and billions of dollars on school halls, which haven't made our kids any smarter. The debt didn't save us from a recession, record prices and record volumes of coal and iron ore exports did."


  1. Fucking amateurs.
    UK £700Bn +
    USA $14.6 Trillion.
    Come back when you're really "in debt".

  2. I was thinking about that while writing this, but given the much smaller economy and population we have here, we are pulling above our weight on this.

    All that is keeping us afloat at present is the mining boom, which should have us in serious surpluses, but is being pissed against the wall by these idiots. If there is a contraction in the economies of our trading partners, we are screwed.

  3. Anon, where did £700 billion for the UK come from? I thought it was well over a trillion these days, and I've seen estimates as high as 4 or 4 trillion when you start adding all the unfunded liability chickens that must one day come home to roost. And since the Cobbleition can't even seem to get any kind of meaningful control on the deficit it's still rising. That said, the ALP borrowing $100 million a day is pretty worrying for an economy our size.

  4. Maggie Thatcher once said that the problem with socialism is that you eventually run out of other people's money.

    I guess she has been proven wrong in this day and age. Running out of other people's money is no reason whatsoever to even consider quitting spending other people's money like a drunken sailor.

    I used to think that American politicians had a monopoly on stupid until I started following your blog, Jim.

  5. Local politics wasn't too bad for a long time Bawb, but they have moved into empire building and we now have three levels of stupid.

    One of the local communities here had land donated by a farmer to start a recreation area. The council didn't want anything to do with it and the locals formed working bees and made it a show piece.

    They have just been warned by the council to desist, as they do not have council permission.