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Former NSW Premier Mike Baird has penned an article in The Australian arguing that Australia is no longer a low-debt country and state and territory governments now account for about half of the nation’s total public debt.
Between 2007 and 2023, Baird argues that Australia recorded the fastest growth in public debt (as a share of GDP) among OECD countries.
As a result, Australia has fallen from third to 13th in the global debt rankings.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.