Friday night’s news arrived much sooner than anyone expected. Posted downpage on a Treasury website was the news Australia’s gross debt was now above $450 billion. Another Finance Department document released quietly that night showed net debt had smashed through the $300 billion barrier. Both have been met with deafening media silence.
These confirm the Turnbull government has lost control of Australia’s revenue, deficit and debt. Or at least, that's what the news means to those who understand it.