The ALP is hitting Australia with record levels of Government Debt

How does Abbott think he can get away with his claims that Australia is currently experiencing record levels of debt, that the ALP is stealing from our children (apparently stealing their future environmental health doesn't rate a mention), that the Liberals cleared all debt and made Australia record amounts of money, etc.

It's all lies and so many stupid people are buying it hook, line and sinker.

Debt is not at record levels. It's not even close to record levels. Believe it or not but fighting world wars and recovering from a great depression put government debt at record levels, many times above what it is now.

 

Spot on Tank. Labor is and has hit Australia with record levels of government debt. Your little graph is a typical oily, Labor 'true lie'. Let's have a look at the dollar figures;

Date
(30 June) Debt
($ millions)
2007 58,284
2008 60,462
2009 101,147
2010 147,133
2011 191,291
2012 233,976
Source: Reserve Bank of Australia[6]

Australia's national debt increased significantly in the 1910s so the government could fund its war effort. In the 1980s the federal government borrowed heavily, with net foreign debt rising from $23.4 billion in 1983 to $180.4 billion in 1995. The largest debt position was held by the Hawke/Keating government.

Yep, Labor is the worst for getting us into debt. From 2007 they increased government debt by over 400%!!!!!!! and we didn't even have a world war.

 

Can't read a graph, eh?

 

Got to love it when the child throwing a tanti starts a thread then get put back in his box.....love your work fella

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Cant understand real world numbers eh?

 

Fact is that swanny had to have the debt ceiling lifted TWICE to accommodate his debt... Hiding it behind graphs and crap isnt going to stop the truth.

 

I'm sorry you guys have bought Abbott's lies hook, line and sinker. It's obvious that our government debt is not at record levels and yet you guy's eat Abbott's (*)(*)(*)(*) sandwich and ask for more.

 

Simple as that PKW.

 

Yep, but he would rather play games and not admit the truth.

 

Under the Howard government net foreign debt increased up to nearly $600 billion. Come on, if you are going to share facts, share all of them.

 

Has NO bearing on this topic...

 

So yet ANOTHER alp LIAR has been exposed...onto the next

 

I love how people talk economics on this forum without knowing a thing.

The amount of debt is meaningness. What matters is debt to GDP.

Governments can work quite well while in debt. The thing that matters is if the government have the funds to pay it back.

 

The claim is that the alp has put us into record debt, this thread was posted as a dummy spit over it. The claim is factual yes...in $ the gillard/rudd govermet have racked up record debt....thanks

 

yes but if lefturds take into account such things as

then there is trouble isnt there....

 

Context is everything.

The Opposition, aided by the Murdoch press and associated right wing media outlets (thankfully I don't live in Sydney and have to put up with Sydney right wing radio), has successfully obfuscated the facts concerning the economy. Many voters probably think that governments run like their own households. They don't. A household has a natural life, that of the people living there, a government is almost immortal.

The budgetary cycle for a household requires that outgoings are less or equal to incomings.

"Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." (Dickens' character Wilkins Micawber).

If you can't pay that "ought and six" then you'll end up in debt. We all know that and we run our households accordingly.

Governments are not so constrained. As parker points out, it's debt to GDP that matters.

But in Australia where the average person is not up with economics and relies on the meeja for information, particularly the disgusting Murdoch press and the right wing loony shock jocks, the details and the truth don't matter.

http://www.smh.com.au/business/why-voters-believe-the-economy-is-in-trouble-20130203-2dsgp.html

The next federal election will see the Coalition in power. Labor has lost the political fight while doing a good job in many policy areas, the economy being just one. Sadly they were too consumed with internal politics (I cannot believe that Rudd is again being mentioned as a possible replacement) and while they did very well in the minority government situation, they're going to come a gutser this September. And then the Coalition will be unleashed on the average working and non-working person in Australia. It will be an interesting one term for the Coalition because after they've done their dash Labor - possibly in coalition with the Greens who will have matured by then - will be back.

I do hope Tony Windsor gets back in parliament though, I have much respect for him as a man of principle. If we ever need a benign dictator then he should get the nod.

 

question has the ALP racked up the biggest debt in our history
Answer yes


Thankyou

 

They'll get a bit of it back by dipping into everyones super....oh, and dont forget the futures fund which they've
already dipped into...what next...a few more dollars out of the liquor/gambling industries...why not...

 

No, that's the idiotic way to view it.

Debt as a % of GDP is the only proper way to view it. If you can't understand why you're not worth talking to.

 

Because any other way shows his beloved alp in a bad light!!!

 

This is obviously related to public debt and not foreign. Australia is in quite a good situation in comparison to top nations one would have to think from these figures. Obviously national debt increased dramatically across all nations as a consequence of the GFC.

Bit lazy to find out 2012 figures for other countries, but you would have to think they haven't improved much but possibly could be wrong. In 2010 Australia's % of gdp was at around 16%. The countries listed are G7 countries.


Debt as Percent of GDP (2010 est.)

Australia in (2012) = 22%
United States $14.6 trillion 92.7%
Japan $5.4 trillion 225.9 %
Germany $3.3 trillion 75.3 %
France $2.6 trillion 84.2%
United Kingdom $2.3 trillion 76.7%
Italy $2.0 trillion 118.4%
Canada $1.6 trillion 81.7%

 

Question. Has the ALP racked up the biggest debt in our history
Answer Yes it has

Thank you

 

Average government debt in the OECD is around 90%. Australia is doing awesome compared.

Those who think debt is measured in raw numbers don't understand anything.

If I said I owed $10k would that be a lot or not much?

You don't know because it needs to be compared to my income/wealth.

 

Question Has the ALP racked up the biggest debt in our history
Answer Yes it has

 

The problem is, is that labor aren't able to get this message out. Wong and Swan have tried numerous times but the squeaky wheel always gets the attention. But yes, the government has done a fantastic job but aren't receiving the accolades nationally as they have received internationally!

 

I wish I had a link to it but it was a foreign news story about how unpopular the ALP is (it was a few months back) when Australia is doing so well economically and that the ALP is unpopular due to a belief that they've destroyed the economy. The story was basically, "Wtf?!"