Economy

Jun 16, 2017

Australia’s gross debt has crashed through $500b. Which is the party of good financial management again?

Remember when the Coalition said it would solve Australia's debt and deficit problem? Tell that to the $500 billion debt, which is getting worse by the minute.

Alan Austin — Freelance journalist

Alan Austin

Freelance journalist

Tonight is the night. After most reporters will have knocked off for the week, Treasury will quietly announce that Australia’s gross debt has clicked over $500 billion. This will signal three things. Hardship for citizens ahead, a decline in Australia’s global standing, and monumental hypocrisy from the Coalition.

Before the 2013 election, Coalition MPs were scathing about Labor debt levels, cutting no slack for the global financial crisis (GFC) -- the worst economic downturn in 80 years.

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