Australia’s finances and economy are unsustainable

Credit ratings agency S&P notes that the combined budget deficits of Australia’s state and federal governments total $52 billion, while the net debt now exceeds 60% of the country’s GDP.

This equates to a per capita deficit of $1,897 and a net debt of $45,183 per capita.

Meanwhile, the combined net debt of the federal, state, and territory governments is forecast to top $1.2 trillion during 2025-26.