The IMF data shows that Australia has the lowest level of gross debt, after Chile, when compared with other member states in the Organisation of Economic Development and Co-operation (OECD). In terms of net debt, only Chile, Denmark, New Zealand, Norway and Sweden have lower levels.
Australia has the fifth-highest amount of household debt in the world, coming in at around $86,000 per household. A new study from Invezz revealed Australian households ranked high on the list compared to the rest of the world, with debt far outweighing disposable income.
Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP.
Total public sector borrowing was $96.6b. All Australia general government net debt (L2) reached 33.8% as a percentage of GDP.
According to available data from the OECD, the average Australian household debt-to-income ratio comes in at $187 for every $100 of after-tax income.
In Australia, and in countries around the world, government economic support packages in response to the COVID-19 pandemic have led to large increases in government debt. This continues the trend of increasing debt since the Global Financial Crisis (GFC).
The main reason, however, why Australian household debt is relatively high is that the housing rental stock, and hence the debt used to fund it, is owned by the household sector. In most other countries, a significant share of rental properties, and the associated debt, belongs to the government or corporate sectors.
Australian Government debt was progressively reduced after the Second World War and largely eliminated by the beginning of the 1970s.
The majority (two-thirds) of our government debt is held by non-resident investors. According to the Australian Bureau of Statistics (ABS), the United States and the United Kingdom are the biggest investors followed by Belgium, Japan and Hong Kong (SAR of China).
The world's 12th largest economy
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
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The United States, holding the highest national debt globally, has a total of $31.68 trillion, representing a YoY increase of $1.3 trillion or 4.28%, reaching $30.38 trillion. Therefore, China's national debt has surged almost three times that of the United States in the past 12 months.
This year, Victoria is expected to hold about $170 billion in debt while NSW is forecast to hold about $160 billion. Foo said the states routinely under-delivered on their infrastructure plans. In 2022, they underspent 14 per cent of what they had expected to outlay on their various projects.
Australia External Debt reached 1,933.6 USD bn in Dec 2022, compared with 1,894.5 USD bn in the previous quarter. Australia External Debt: USD mn data is updated quarterly, available from Sep 1988 to Dec 2022. The data reached an all-time high of 1,991.1 USD bn in Dec 2020 and a record low of 115.3 USD bn in Sep 1988.
Australia External Debt accounted for 115.9 % of the country's Nominal GDP in 2022, compared with the ratio of 115.3 % in the previous year. Australia External Debt: % of Nominal GDP data is updated yearly, available from Dec 1988 to Dec 2022.
Average household debt grew by 7.3 per cent to $261,492 in 2021-22, according to the latest figures from the Australian Bureau of Statistics (ABS).
Australians are being warned the country's economy is on a “knife-edge“ after the Reserve Bank of Australia's string of interest rate hikes, with a “consumer recession” predicted for 2023.
Gross Australian Government debt increased from around 40 per cent of GDP in 1939 to around 120 per cent of GDP in 1945. During both wars, War Savings Certificates, targeted at retail investors, were the primary instruments used to raise funds.
Goldman Sachs Group Inc. estimates China's total government debt is about $23 trillion, a figure that includes the hidden borrowing of thousands of financing companies set up by provinces and cities.
China's debt is nearly 44% of its GDP and its local governments owe nearly $5.14 trillion. With the economic slowdown and collapse of land sales revenue, provinces and local governments in China are facing an embarrassing situation.
According to the Australian Bureau of Statistics, the median salary in Australia in August 2022 was $65,000. So out of over 14 million people employed in Australia, this is what we'd call a “typical” salary.
Russia Government debt accounted for 13.4 % of the country's Nominal GDP in Sep 2022, compared with the ratio of 13.8 % in the previous quarter. Russia government debt to GDP ratio data is updated quarterly, available from Dec 2011 to Sep 2022.
If China (or any other nation having a trade surplus with the U.S.) stops buying U.S. Treasuries or even starts dumping its U.S. forex reserves, its trade surplus would become a trade deficit—something which no export-oriented economy would want, as they would be worse off as a result.