Rentier media blames states for infrastructure “debt bombs”
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Witness the businomics ideology go to work. At The Australian:
Debt across Australia’s states will explode by more than $100 billion, as governments boost spending on infrastructure and public servants at the same time their budgets are being sideswiped by weak GST revenue, slowing economic growth and plunging stamp duty revenue.
An analysis of this year’s budget papers by The Australian reveals combined government sector net debt across the eight states and territories will more than double from $81bn this financial year to more than $184bn by the 2023 financial year.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.