“It is an operation to allow you to do certain things with money that can therefore be paid off over time,” Mr Evans told Sky News. On Thursday, Treasurer Josh Frydenberg gave an economic update which forecast Australia’s gross debt to hit $851.9 billion.
“Why it is being so questioned and why we are being so conditioned that it is a bad thing is the amount of repayments required and the time it takes to pay down debt," he said. “Borrowing debt is a tool to get us through this, a tool to also create growth, and that needs to be put into perspective when we look at what happened with the economic update. “Debt is something that will help and get us through this and if used correctly it can be a very good economic driver.
Tell this to my blood sucking and now screaming bank...
Lol.
It all just depends on whose it is, doesn't it?
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Australia's gross debt hits record $851.9bn | Sky News AustraliaTreasurer Josh Frydenberg has announced Australia's gross debt is forecast to hit $851.9 billion with this year’s budget deficit expected to hit $184.5bn due to the coronavirus.\n \nMr Frydenberg said unemployment would peak at 9.25 per cent in Dec with real GDP to decline by 2.5 per cent next year.\n \n'The economic outlook remains very uncertain,' he said.\n \n'Owing to historically low-interest rates, our debt burden remains manageable.'\n\nImage: News Corp Australia\n\n Could this be the budget emergency that you harped on to get Abbott elected.Look how that turned out. Superior economic managers? Reduced debt and surpluses are in their DNA, remember? 😂😂😂 Let me guess... the debt will need to be payed.... sell Australia to China
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Don’t be ‘conned’ into pinning budget debt on COVID-19: Chalmers | Sky News AustraliaShadow Treasurer Jim Chalmers is warning Australians not to be “conned” into believing debt in the budget set to be announced today is a consequence of COVID-19 alone. \n\n“Clearly, the COVID-19 health crisis has damaged the budget, we’re not contesting that, the point that I’m making is two-thirds of the debt had accumulated before we even heard of coronavirus,' he said. \n\n“Before the bushfires and all the rest of it, it’s not the first deficit. \n\n“Don’t be conned today into believing that all of the problems in the economy and all of the problems in the budget are a consequence of seven months, the last seven difficult months.”\n\nImage: News Corp Australia JEChalmers Indeed. JEChalmers It was in the shitter long before covid came into effect... Fact Auspol JEChalmers Oh, dear
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Debt levels should spark 'hard conversations' about pandemic spending | Sky News AustraliaGovernments needs to have a difficult conversation with the public about whether the level of spending used to combat the coronavirus pandemic is worth the eye-watering debt levels the Coalition is running up, according to former Reserve Bank official Andrew Stone.\n\nTreasurer Josh Frydenberg announced Australia's gross debt is forecast to hit $851.9 billion with this year’s budget deficit expected to reach $184.5 billion due to the novel coronavirus.\n\nPrior the pandemic, the federal government had forecast it would hand down a $5 bn surplus in the 2019-2020 financial year.\n\n The budget deficit is Australia’s biggest since World War II.\n\nDr Stone said the public need to know “the kind of trade-offs” they will have to make in order to keep up this level of spending.\n\n“If we are running these sort of debt levels in the next 15 months, that’s going to mean billions and billion dollars less spent every year for decades going forward now on health, on the pharmaceutical benefits scheme, on education on all sorts of other government priorities,' he said.\n\nWe need to have a very hard conversation now I think across the nation whether it is appropriate to spend these enormous sums of money.”\n Our credit rating will go south if we do nothing about the economy anyway . They absolutely are not warranted. Stop the handouts, stop the quarantine, open the economy and have the vulnerable take precautions. Let's destroy everything for the 99% of people to prolong the misery for some old fossils. It was a bit like the virus .... based on estimates because nobody had experienced anything like this before. I think there a bit of panic in there trying to make up for the government's mess of the bush fires.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
No longer a disaster but a debt and deficit off-planet mountainCoronavirus has prompted tightly targeted policy responses from the Morrison government. It's the reason for the huge deficit. But it's not a free pass. swrighteconomy Cancel all military offensive weapons including French submarines and frigates buying, adjust military and intelligence services spending bring soldiers home from Afganistan and Iraq focus on being neutral as Switzerland and you have just saved 500 billions in reclless spending. swrighteconomy Is this before or after we spent $270 billion on weapons? 🤔 swrighteconomy Wha?! No back in black? 😭
Source: smh - 🏆 6. / 80 Read more »
Government hits self-destruct on the political debt bomb it plantedFacing repeated questions over the highest deficit and debt the Commonwealth will face since World War II, the Finance Minister asked journalists, 'what was the alternative?' There is none, Ian Verrender writes. 'Made in China' China Need balance of economy and covid or we gonna have 30% gst slapped into go pay for this madness ! Also goes for world govts. Need a solution soon. Before vaccines and big pharma profits. Is it just me or does the abc only report badly on conservative politicians? DefundTheABC
Source: abcnews - 🏆 5. / 83 Read more »
Queensland to cop $2.5b GST revenue hole as state debt balloonsTreasurer Cameron Dick reveals Queensland's share of GST revenue is to be cut by at least $2.5 billion across the next two financial years because of the COVID-19-driven recession. State debt ballooned let ng before Covid 19 Just get the fed govt to print more money, job done! Any other fires you want me to put out? 😂 The federal government should cover every states budget holes
Source: abcnews - 🏆 5. / 83 Read more »