Original article by John Kehoe
The Australian Financial Review – Page: 9 : 20-Nov-18
The federal government’s net debt was $342bn at the end of 2017-18, which equates to 18.6 per cent of GDP. Although this is relatively low compared with many nations, Treasury secretary Philip Gaetjens says debt needs to be reduced to ensure that Australia is prepared for potential economic shocks in the future. He notes that Australia’s healthy fiscal position in 2007 helped the economy to ride out the global financial crisis. Gaetjens has also expressed concern about a blowout in global debt in the wake of the GFC.
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY