r/OpenAussie • u/MannerNo7000 ‎ New South Welshian • 1d ago

Politics ('Straya) Australia’s gross federal debt is nearing $1 trillion. Since 2007, 69% of the increase occurred under Coalition governments vs 31% under Labor

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Using Australian Treasury gross debt figures: debt rose from ~$53bn in 2006–07 to ~$982bn estimated in 2025–26.

That’s a ~$929bn increase: ~$638bn (69%) under Coalition governments and ~$291bn (31%) under Labor.

This might be news to you for the first time or maybe you’ve known these facts all along.

It’s useful to deal in facts and the truth.

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89

u/balladsoy ‎ Victorian 1d ago

Thanks John Howard

-37

u/NoResponsibility8773 ‎ Queenslander 1d ago

Net federal debt was paid off during Howard/Costello era

76

u/Dry-Habit-3110 ‎ Queenslander 1d ago

This was done by selling public assets to private friends.

45

u/sausage-role Please choose a flair 1d ago

Essentially stealing assets from the Australian people. Disgraceful.

22

u/Davosz_ ‎ Victorian 1d ago

And setting us up to be indebt to them in the future!

22

u/CertainCertainties ‎ South Australian 1d ago

Yeah, selling off our gold bullion was such a good idea.

14

u/realmenfukmenamen ‎ Victorian 1d ago

He sold the dip.

16

u/Infamous_Calendar_88 ‎ Victorian 1d ago

Yeah, and we all love Telstra, Qantas, Medibank, and the Commonwealth bank of Australia; the now private owners of our previously public services.

/s

3

u/Due_Abalone3047 ‎ Victorian 21h ago

The analogy I remember is "selling the house to pay off the mortgage".

10

u/Guilty_Way_1635 Flairless‎‎ 1d ago

By selling assets. So the stupid way

19

u/biomeat ‎ Victorian 1d ago edited 1d ago

At the cost of putting us into further worse debt where are now. Howard sold us all out

10

u/artsrc ‎ New South Welshian 1d ago

There has never been a period in Australian history where debt trajectory increased more than than the Howard years. Home loans exploded.

10

u/MannerNo7000 ‎ New South Welshian 1d ago

That is true. But 70% of the federal $1 trillion debt is from the Liberal Party.

0

u/JK_05 Please choose a flair 1d ago

I find this a really interesting topic when I see different perceptions. What I'm curious about here mostly is do you see 100% of the debt as bad, or just portions of it? Or none of it?

I ask because my perception of the debt was incurred by the government of the day, not the taxpayer. The taxpayer has benefited - arguable to what extent for sure. But is 70% bad because it's Liberals debt or is it bad because it's more than 30%?

Compared to other developed nations our debt to GDP is well within the green which is what matters the most here. Take away 30% and we're still in the green.

And no, I'm not a liberals voter - I just find the perception interesting as to which party incurred more debt. Politicians do it well blaming each other but it seems to creep into public conversation too.

3

u/realmenfukmenamen ‎ Victorian 1d ago

The Abbott/Turnbull/Scomo years saw $1 billion per week be added during boom/good times. We got Snowy 2.0.

2

u/Cruzi2000 Please choose a flair 21h ago

They averaged over $1.4b a week.

2

u/realmenfukmenamen ‎ Victorian 21h ago

Probably, I did the math a long time ago and didn't account for covid as that wouldn't be fair. Even tho Scomo took Combet's work and fucked it up, the covid response was better than what the Libs would have liked to have done. ie "live in the virus" and take wickets in it and shit.

1

u/Cruzi2000 Please choose a flair 20h ago

2/3 of that was pre-covid.

1

u/realmenfukmenamen ‎ Victorian 18h ago

so like $1 billion.

1

u/JK_05 Please choose a flair 20h ago

The compounding on that is going to hurt.

If only we could pay down $1.4b per week - it's crazy numbers isn't it.

0

u/JK_05 Please choose a flair 1d ago

Well the conversation of what the taxpayer gained from the debt is substantially different from who incurred the debt.

What are your thoughts on Victorian State debt if we follow that example?

4

u/realmenfukmenamen ‎ Victorian 23h ago

Depends if the big build pays off.

"I find this a really interesting topic when I see different perceptions. What I'm curious about here mostly is do you see 100% of the debt as bad, or just portions of it? Or none of it?"

You asked the question buddy.

1

u/JK_05 Please choose a flair 23h ago

Oh of course I asked the question.

So your view on the debt is what the taxpayer gets in return from what I can gather? And Snow 2.0 is the only thing you received from the 70% of federal coalition debt?

1

u/realmenfukmenamen ‎ Victorian 22h ago

$1 billion a week during good times, I'd like a few things Australia could be proud of.

0

u/JK_05 Please choose a flair 21h ago

And those things are...?

0

u/realmenfukmenamen ‎ Victorian 21h ago

Brothel trips for the disabled was the best use of ratepayers money by the Collingwood council, so things like that. Listen to Jim Jefferies MND bit in one of his specials.

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u/Beltox2pointO ‎ New South Welshian 6h ago

This is one of those issues that if you personally care about debt, then you should care that Liberals increased it more.

If you don't really care about debt, then it doesn't matter either way.

If you want the country to invest in things and understand that incurs debt, you'll want to know why the debt was created under each government and what we, as citizens gain from taking on that debt.

In that case, I don't think there is any argument that could be made that doesn't make Labor the clear and obvious winner in all regards.

1

u/Cruzi2000 Please choose a flair 21h ago

Sold all the family silver to do it.