It might be something like a trillion dollars by the time the government’s finished.”Before government announced its stimulus packages, Treasury forecasters estimated that government debt would hit $379.2 billion by June 30, 2021 – Add the $200 billion of economic stimulus and the nation’s debt-to-GDP ratio rises to 28 per cent, according to independent economist Saul Eslake.And that’s only factoring in the direct expenditure – not the other economic pressures weighing on the budget (including lost income, company and GST tax revenues).If, for example, those tax revenues dropped by $100 billion, Australia’s government debt would climb to $680 billion – or 33 per cent of GDP.That would be one of the highest government debt levels seen since the end of the Second World War.“It’s still a lot less than many other Western countries, and that’s before the crisis started,” he said.“We’ve gone into this with our public finances in much better shape than many other countries.”Interest rates are also at an all-time low of 0.25 per cent, which makes it much easier for the government to meet its repayments.“The problem is not so much the level of debt, but the government’s capacity to service it,” Mr Eslake said.“Government in the first instance will fund the cost of that wage subsidy package by borrowing the equivalent of $130 billion at an interest rate of 0.25 per cent.“The cost of that is about $325 million a year, which is not huge. The government of Australia has never defaulted on its debt and its bonds are AAA rated by all of the major credit ratings agencies. At the time, Australia's net debt was -$22.1 billion, meaning it held $22.1 billion more than it owed.In the final months of the Rudd government in July 2013, Australia's net debt position had risen to $159.6 billion, due in large part to its stimulus spending during the GFC.It left Australia with a debt-to-GDP ratio of 10.4 per cent.The spread of coronavirus across Australia could see unemployment reach about 10 per cent and house prices drop 20 per cent, says one economist.The Morrison Government, by comparison, has announced stimulus packages worth $213 billion so far.When the Coalition Government replaced the Rudd government at the 2013 election, net debt was $174.5 billion, having risen by $15 billion in the three months leading up to the election.In December last year, Australia's net debt position was estimated to be peaking at $392.3 billion this financial year, before slowly reducing in size.But the net debt position is now likely to jump to $507 billion this financial year.It could see Australia's net-to-GDP ratio it 26 per cent — well above the Rudd government's 10.4 per cent.Cherelle Murphy, a senior economist at ANZ, says the Government's $130 billion wage subsidy package will "undoubtedly" prevent the unemployment rate rising as much as it would have otherwise.Breaking down the latest news and research to understand how the world is living through an epidemic, this is the ABC's Coronacast podcast.She had been assuming that, with a widespread shutdown of economic activity of about six weeks, followed by a progressive lifting of restrictions, more than 1.1 million workers would have lost their jobs in coming months, swelling the number of unemployed to 1.8 million.That meant the unemployment rate was going to jump from 5.1 per cent to 13 per cent in the June quarter, before dropping back to 8 per cent by the end of the year when the economy starts to recover.But she says the Government now appears to be planning for a longer, harsher shutdown, because it thinks 6 million Australians will be accessing the fortnightly JobKeeper payments over the next six months.That complicates her unemployment forecasts, but she thinks the payments will prevent a huge number of people from becoming unemployed. Search real estate for sale or rent anywhere in Australia from licensed estate agents on What Australia’s skyrocketing government debt means for workersNZ-style lockdown possible for Victoria amid ‘significant’ virus challengeWoolworths customers urged don masks to ‘lead the way’ in virus fightCOVID case sparks fears of aged-care infections in QldGhislaine Maxwell documents released in Jeffrey Epstein caseSpotless laundry shut down due to coronavirus after company tried to force staff to workTop Republican and Trump supporter dies of coronavirus‘Read the room’: WA doctors’ terse message to Clive Palmer on borders‘Animal hero’ rescues and rehabilitates two-legged huntsman
What facts should you know about Australia's national debt? A history of public debt in Australia Net debt Broadly speaking, net debt is equal to gross debt less a related pool of financial assets.2 Table 1 gives a simple representation of the main components that are included and excluded from the Australian Government’s net debt calculation. Decades on it's still changing livesThere's a $4 billion problem with the 2020 presidential election and time is running out to fix itPostcode data reveals Victoria's coronavirus hotspotsCoronavirus alert issued for Brisbane South and West Moreton locationsAustralia backs India over deadly border clashes with ChinaPresbyterian Church describes 'crazy' evacuation at one of its aged care homes after mounting COVID casesFather and son film encounter with 'massive' shark as it hits fishing boatWHO released guidelines on reopening international travel this week.

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