I say our 'new world', because the prosperous world we had just a decade ago has gone, and most likely for the rest of our lifetimes.

So, moving forward, i have a few suggestions on how to curb our spending, and untimately, how to reduce the burden on future generatons, because lets face it, we are unlikely to see a return to surplus any time soon.

Immigration.
This should only be considered when we have unemployment below 5% and only when we have a skill shortage, and only when those wanting to immigrate have something to offer and, they can demonstrate that they will be capable of providing for those they intend to bring in.

We have to put a complete stop to those who either bring in, or choose to have multiple kids on welfare. Our home grown recipients is another challange but it appears we are working on that.

Foriegn Aid.
This should only ever be paid from surpluses because as it stands we pay them first, then make custs to our own peoples needs. Just plain crazy.

In times of deficate, we can use our unemployed to process oversupply of goods and send them off for aid, but not cash because in times like these we simply can't afford it because we are borrowing, paying the interest, then giving it away. Thats a sure fire way to go broke.

Just a thought to end on. A child born a decade ago was born debt free, whereas now, they are born into debt. How is this fair?

Yes. Gone for good is probably right. As fewer and fewer people remember Australia as it was, the less chance there is of any recovery.

There should be no immigration at all.

There should be no foreign aid.

There is almost no hope of long term survival as a Western, civilised country now that we do not have viable options for the seditious bunch of politicians in federal and state politics. Almost time for lights out.

"In times of deficate"

I'll take that as a typo!!

I agree Rechtub, we are in for an extended period of financial
difficulties.
It is time that we accepted that the debt will not be repaid.
Also it looks like the US debt will not be repaid.

A lot of people in the financial field believe 2017 is the year it will
hit the fan. The US will run out of money in the next two months if
their congress does not approve more "pixel money".
Of course these days "pixel money" is another way of saying "money printing".
"Click money" could be another term. Or "helicopter money".
Either way it is not real.
Some years ago the US congress refused the supply and government employees
were stood down everywhere except defence.
It happened while I was in the US and it was a real shock to people.

So that, whenever it is, is a date to watch.
It could trigger our long awaited real estate crash as interest
rates would be affected.
Specifically back to us, the only way out I can see for us is a debt holiday.
This I think means we just forget about having debt and zero all creditors.
I wonder if housing loans would be zeroed ? I'll bet not.
However our bank deposits might be via the Bail In provisions.
Still, something has to give the situation in Europe cannot go on forever.

Your govt has it all under control, Morrison knows how to fix it you stop counting easy fixed.
Today is no different than yesterday so no need to worry. We need a train line and keep your mind off of that NBN.
So what are you going to do when the collapse comes bazz. Eat paint off the walls or eat your neighbor.
A one % increase in home loans will see a mass bankruptcy collapse.
Butch reckons we were debt free a decade ago. Howards massive forward costings fixed that idea. After selling everything that was not bolted down and then he disgraced himself with work choices.
Abbott never got that far, he got the back door and never to return.

Hmmm doog, how old are you ? You might be as tough as old boots.