Flo said;
Also it is a fact that four years later, following the GFC, the
numbers are still good or better.

Really ? It appears not many realise what a dodgy situation our
economy is in. Our debt is still climbing. The government is now
going to increase our debt limit to $250,000,000,000 as they cannot
stop borrowing $2 billion a week.
That is just the "on balance sheet" Federal government debt.
The NBN for example is off the balance sheet.

The major problem is that neither party acknowledge what was the real
cause of the GFC.
They may well know but like the US cannot publically say it out loud.
Politics will flap around for some time trying to restart growth but
will be faced with decreasing growth and falling GDP.

Unfortunately we will watch them blaming each other and still not
grasping the nettle. The best we can hope for is that some outside
event, such as a long term blockage of the Hormuz Strait,or the
collapse of major European banks and or countries, will force
them to face the issue directly.

Treasury does not have a problem with the level of debt.

Yes, 579 that is a worry isn't it !
Still if you think it is business as usual then you might carry that
amount of debt but it is not BUA any more, we need to do as everyone
else is trying to do and cut debt back to zero.

The debt that is also among the lowest in the world.

There is much to show for the money spent.

If the money was not spent, unemployment would have been higher, businesses going to the wall and the debt greater.

We would now be in the same position as most other countries.

We would have had less receipts and greater outlays.

Here is just one paper I found on our debt problem.
There are many others for you to find.
This author unfortunately does not realise that we are entering a zero growth era.
If you have any doubt as to how big one trillion dollars is do a
google on "How big is a Trillion dollars".
Then consider where our banks get 40% of their funds from and how
fast China might continue its run down.

http://www.eap-journal.com/archive/v41_i3_02-mcgovern.pdf

Abstract
Sadly, all the efforts of a generation of Australian men and women have only made them
more indebted to the rest of the world. Australia’s external net wealth is negative, soon
passing minus $900b on an accelerating downward trajectory. This ongoing dissipation
of national resources is unsustainable. Australians live in a debt dreamtime, one from
which the rest of the world has been rudely awakened. After years of inadequate
policies, the nation has a large external debt and significant government exposures.
Servicing pressures are growing as rising uncertainties permeate global credit markets.
Reserve Bank policies are worsening Australia’s external position and needlessly
driving up internal costs. Major policy rethinking is warranted. Relevant issues are still
little considered, crowded out of dialogues by comforting myths that accompany the
Australian Debt Dreamtime. Imbalances need proper recognition with new approaches
and strategies developed. Automatic corrections will not occur as history and current
overseas experiences demonstrate. A real awakening, improved positioning and a touch
of luck are required if Australians are to avoid being seriously impoverished by world
events and their own confused Dreaming.