AustraliaAustralia's federal government debt has surpassed $1 trillion and is expected to reach $1.2 trillion by 2030, equivalent to 35% of GDP, seven times higher than in 2002. State and territory debt brings the total to over 50% of GDP. Debt growth accelerated after the 2008 financial crisis and the 2020 pandemic, with governments issuing bonds to cover shortfalls. Interest payments on this debt have become the fastest-growing part of federal spending. Globally, Australia's debt-to-GDP ratio is comparable to New Zealand and South Korea but below the average for advanced economies. While there was a temporary debt ceiling of $75 billion in 2008, it was abolished in 2013, allowing the government to increase the limit multiple times. The budget forecasts a surplus by 2036–37, though this relies on unrealistic assumptions about future tax policies. Australia maintains a triple-A credit rating, indicating low default risk.
Bias read (Center): The article presents factual data on Australia's rising national debt without overtly favoring either major political parties. It discusses historical trends, economic impacts, and policy changes across different governments, including both Coalition and Labor administrations. While it highlights a
