Business
Loss of AAA ratings puts down a debt marker – The Australian Financial Review
Markets have to believe that principal debt can be repaid, or that the taxes can be raised to do so. If they don’t, then the music will stop on the cheap money.
Australias forecast gross federal government debt is by todays astronomical standards still just half that of the UK and a third of Japans.
But it has jumped up very rapidly, projected to stabilise at 55 per cent of GDP in the 2030s from just 29 per cent in 2019. Some economic modelling says the federal government will not be debt free until 2080 on current projections, with annual budget surpluses still decades away.
Australia has now twice in a dozen years ratcheted up debt in response to crises,…
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