Dear Poirot,

Re-read my posts. What I said was that if something
disastrous should happen in Europe, we can expect
another global credit crunch, a plunge in world
markets and of course some serious repercussions in our
own economy. Then all bets will be off. However, if
Europe can muddle through, then there is every likelihood
that Swan will be able to announce his first surplus on
budget night next year. In the meantime if the Reserve
Bank lends a hand by lowering interest rates - that
would also help. Finger-crossed that things do work out.

Joe Hockey said our DEBT was 120 billion, The treasury [ I have relos in ACT] sez it's 189 billion. Thats twice the debt / head of population than the USA. If the interest rate was just 1% and we used all the supposed surplus to just pay off the interest; it would take 180 years.
If we had a surplus of 2.4 billion every year, AND we used all of it to pay both interest and principle, AND we didn't have any ecconomic problems - it would take 42 YEARS! to pay it off. Technically, labor has bankrupted us and even if Mickey mouse was the PM, we haven't got a hope in hadies of paying the debt. For this, the PM and her cronies should be indited for treason and sent to jail.

pepper,

U.S. public debt is over 15 trillion which is 100 percent of annual GDP. U.S. public and private debt combined is 54 trillion for 312 million people.

Pepper, you figures may be a bit old. It is rising at about $2billion
a week, so it does not take long to be wrong.

The US debt is much worse than ours. If our debt was proportionally the
same as the US's no one would deal with us and we would be down the tubes.
They get away with it because their currency is the world reference.
However when it finally does crash buy gold !

I am sure I am not the only one who is more than aware some comments are quite wrong.
Some grab their opinions with the hot coffee and newspaper each morning digest both fast, and get the expected results,bad taste in the mouth and not much else.
Question.
If Doctor NO Tony Abbott was PM.
And if he bought in such a figure would some opinions change?

ol swannie rivers problem is
he neds to sustain the myth

so we all got it fixed into our minds 'debt free'
to hide all that other debt

its a clever destraction..of fact
much like that other topic based on lieds of global warming..lied to us with science....[just like they lied re smoking and evolution]

just like grading agencies lied
just like economists lied

just like politions lie

lie down with any
its like lying down with dogs

they all got fleas
and now they are getting a huge wage boost too

but of copurse they dont give it to themselves direct
but via a group who;s wage is based on what polies get
and pensioners get

and the under employed
well stuff em
this is capitalism

eat the weak
bailout the rich

police the poor
protect the thieving rich