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If you visit http://www.budget.gov.au/2012-13/content/bp1/html/bp1_bst10-04.htm http://www.budget.gov.au/2012-13/content/bp1/html/bp1_bst10-... and scroll down
by meric 14y ago
If you visit http://www.budget.gov.au/2012-13/content/bp1/html/bp1_bst10-04.htm http://www.budget.gov.au/2012-13/content/bp1/html/bp1_bst10-... and scroll down to Table 3, you will see that in the year 2008-2009, the Australian Federal Government had a net debt amounting to -0.1% of GDP. Net debt being negative means the government had net assets - any debt could have been paid off with cash on hand.
Of course, you can try to argue Australia isn't a major country...
- AnthonyMouse 14y agoYou're talking about the deficit, not the debt. You can hardly read what I wrote as saying that no major country has ever run a budget surplus for a year or two. Australia continues to have some AU$200+B in outstanding treasury securities. (http://www.aofm.gov.au/content/borrowing/commonwealth/Monthly_Changes_CGS/2012/08_august.asp http://www.aofm.gov.au/content/borrowing/commonwealth/Monthl...)
- meric 14y agoIt's debt. "Table 3: Australian Government general government sector net debt and net interest payments(a)" Net debt in 2008 was -16 billion dollars. The 200 billion debt was made since 2009. I stand corrected though, it was -1.3% of GDP worth of net debt, not -0.1%; you were right I read the wrong column.