It’s time for a quick government debt update.
Just the facts.
NET GOVERNMENT DEBT
At May 2017: $323 billion Source: https://finance.gov.au/publications/commonwealth-monthly-financial-statements/2017/mfs-may/
At September 2013: $175 billion Source: https://www.finance.gov.au/sites/default/files/mfs-september-2013.pdf
Increase in net government debt under current Coalition government: $148 billion or $3.36 billion a month.
GROSS GOVERNMENT DEBT
Friday 15 September 2017: Value of government securities on issue (Gross government debt) was $503 billion. Source: aofm.gov.au
Friday 6 September 2013: Value of government securities on issue was $273 billion Source aofm.org.au plus calculations from Market Economics, available on request. Call AOFM 0262631111 or email [email protected]
Increase in gross government debt under current Coalition government: $230 billion or $5.23 billion a month.
WHAT ABOUT LABOR 2007 TO 2013?
When the Coalition lost the 2007 election and Labor won it, net government debt was negative – ie, it had financial assets of $28 billion (as at 31 October 2007) Source: https://www.finance.gov.au/sites/default/files/mfs_oct2007.pdf
Under Labor (2007 – 2013), net debt rose by $203 billion or $2.86 billion a month, even during the GFC and with associated fiscal stimulus policies, some $500 million a month less than current Coalition government.
When the Coalition lost the 2007 election, gross government debt (government securities on issue at June 2008) was $59 billion. Source: https://archive.treasury.gov.au/documents/1321/HTML/docshell.asp?URL=06_appendix_b.htm
Under Labor (2007 – 2013), gross debt rose by $214 billion or $3.01 billion a month, which is more than $2.2 billion a month below the monthly run rate of the current government.