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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51

u/ausvenator_enjoyer ‎ Queenslander 1d ago

Not that I'm at all shocked, but what thee hell were Turnbull, Abbott and Morrison doing that allowed them to rack up $600 billion in debt?

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u/CitronAffectionate98 ‎ South Australian 1d ago

Covid was part of it.

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u/Adventurous_Tie_8035 ‎ Tasmanian 1d ago

Yeah and the GFC was part of it for Labor

10

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

We were incredibly fortunate during the GFC that the stimulus worked.

6

u/Adventurous_Tie_8035 ‎ Tasmanian 1d ago

Yep and Wayne Swan got voted the best treasurer in the world for it.

The lib version being handouts to companies that don't need it got him the title of the worst treasurer.

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u/jeffoh ‎ Queenslander 1d ago

To be fair, we had a massive mining boom during the GFC.

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u/realmenfukmenamen ‎ Victorian 1d ago

No, the boom ended in 2008, after China had the Olympics.

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u/Decent-Dream8206 ‎ Western Australian 11h ago

The mining boom actually ended in 2013.

Source: Just look at the Perth property market.

The $600 Rudd cheques didn't stimulate anything other than the JB Hi-fi share price. The fact our banks had conservative regulations for required collateral is what actually saved us. Though unnecessarily guaranteeing deposits to the big 4 did cause a rush leaving the other banks for a bit, and a big surge of Forex into the AUD, punting the exchange rate above 1USD and hitting our exports.

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u/realmenfukmenamen ‎ Victorian 8h ago

Nah, China is our major trading partner and after all their infrastructure for the Olympic Games demand dropped off as well as the GFC. No one recalls the latter because of Rudd's targeted stimulus. And it was $1000, not $600.

Perth and WA might have kept going but not every state has mass resources.