It's the 'unlimited credit' that is concerning. I can understand business enterprises borrowing with a view to make money with the borrowed money; they have no choice, considering the large sums involved. Governments don't make money from their borrowings; neither do individuals, most of whom now seem to be up to their ears in debt.

What happened to 'living within your means'? If you can't afford something, go without it until you can afford it. This applies to individuals and governments.

I totally agree Ttbn.
The first waste of money item to go should be paying for Chaplains to work in public schools, then move on to the waste of money for a plebiscite into gay marriage...the Government should just allow a conscience vote and get on with it themselves.

There are problems in DV that are not seen as significant, so you are stuck with DV. As is said market forces sorts out market prices. So to DV will be also be sorted out when it gets bad enough.

Has there been a shift in the rate we are going broke, or just same same. Turnbull is fighting against Conservatives in the liberal party, that is a sticking point.

Gay marriage, is just one example. They have the means to clean it up themselves.

Of course we are going to go broke. Australians, who ever the hell that describes today, have become so stupid they will even replay their recent totally failed history.

We were stupid enough not to see through that slime ball Rudd, so what have our MPs now done? Only elect his clone Turnbull to the job. What's more, he has a high approval rating, just for looking pretty.

The pair even have the same shiny, greasy appearance, like a bit of chrome that has been wiped by an oily rag. Can their slimy nature even shine through to warn the dills?

It is far too late to avoid going broke now rehctub, we are all for handouts, slimy politicians, & avoiding reality. People have lost that hard edge & work ethic that made us what we were, the only place left to go on a slippery slide is down. The diseases of political correctness, excess welfare, multiculturalism have infected all of western society & we won't take the cure.

When the US can not only elect a fool like Obama, but re-elect him, they have it at least as bad as us. If they actually stupid enough to elect the proven failure of the Clinton woman, it will be time to party, because the end will be nigh.

There are ways to get ourselves out of the current mess (which has occurred in better civilizations than ours). Unfortunately, those ways are too 'old fashioned' to be of any interest to the past two generations, who know nothing about history, cooperation, family and self-help. Too much sneering about the past; too much tertiary 'education' without life experience; too much expecting governments to solve the problem (when they are the least qualified); too much 'me,me,me"; too much wanting for no effort what the previous generations achieved through sheer hard work and determination. The people supposed to be leading are gutless, self-serving midgets, and the people they are supposed to be leading will accept anything as long as they don't have to get it for themselves. Our civilization is on the way out, because of too many smart A's, and too few doers.

How anyone can think we don't have a debt problem is beyond me.

While our debt is a percentage of our GDP, the problem is that 8 years ago we had zero debt, and in fact actually had some savings.

What worries me is that the debt we accumulated during Labors governing (not meaning to finger point) was rung up during what was by far the largest boom I have seen in my time, so had we not had the boom, and the debt be the same, perhaps we would already be broke.

Of cause any government from here on in has to attempt debt reduction with one hand tied behind their backs by way of dramaticlly reduced revenues.

To add to this we have emerging funding emergency requirements for the likes of domestic violence, uninvited arrivals, the fight against terrorism, both abroard and now sadly 'home grown', plus, our usual funding shortfalls fir the likes of health, education and indigenous welfare to name just a few. Furthermore we are still funding unavoidable debt, from borrowings because our revenues are no longer able to cope with the enormous costs, all this within a period of next to zero interest rates.

The other huge elephant in the room are the thousands of baby boomers, like myself, who are nearing retirement, although thankfully unless something goes drastically wrong, I won't be a burden.

So to just continually pump billions upon billions into problem areas, without first identifying the causes of the problems we are simply treating the symptoms and ignoring the causes because it appears they are in the too hard basket, yet, they are also preventable in most cases.

And of cause, with the likes of welfare waste, it's always the innocent kids who are missing out, because every single dollar wasted from welfare, was one paid in good faith, by the tax payer, to help the kids, families, or dependent singles. Stopping the cash for all recipients is the first step. No cash, no splash!