Australia still drowning in debt

Former Federal Treasurer Peter Costello was right when he said that most of us will be dead before Australia’s fiscal debt is paid off. At over half a trillion dollars the current Government must shoulder much of the responsibility because despite its rhetoric About good economic management and fiscal responsibility, debt has climbed steadily under its slack control. The latest budget does nothing to inspire confidence that politicians and treasury officials have the will or the ability to drive down debt. There are claims that the budget will return to surplus – but that seems to be a faint hope as the Treasurer is still addicted to spending.

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