According to data published by London-based investment fintech Invezz, Japan, Greece, Italy, Portugal, and the US are the top five nations with the highest level of government debt.
Total US federal government debt breached $30 trillion mark for the first time in history in February 2022. As of February 2023, total federal debt was $31.5 trillion; $24.6 trillion held by the public and $6.9 trillion in intragovernmental debt.
Australia Total Debt accounted for 264.0 % of the country's GDP in 2022, compared with the ratio of 270.3 % in the previous quarter.
Although Australia has avoided the worst effects of a recession for almost 30 years, 2023 may be the year of a recession - if one thing keeps rising. With GDP on an upward trajectory, a 0.6 per cent uptick to be precise, and unemployment at an all-time low at 3.5 per cent - we're in a good economic situation.
In December 2021, Australia recorded a national government net debt to gross domestic product (GDP) ratio of 36%. This GDP in Australia ratio refers to net government debt. It is calculated by subtracting the sum of interest-bearing liabilities from the total sum of financial assets, such as cash, deposits, and loans.
Victoria and NSW are on track to hold about $220 billion in debt each by 2026. 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.
The annual cost of debt will rise from $17.7bn in 2022-23 to a peak of $27.1bn in 2025-26, before reducing back down to $26bn in 2026-27, according to new estimates in the budget.
According to data published by London-based investment fintech Invezz, Japan, Greece, Italy, Portugal, and the US are the top five nations with the highest level of government debt.
Japan and China have been the largest foreign holders of US debt for the last two decades. Japan and China held almost 50% of all foreign-owned US debt between 2004 and 2006. However, this has declined over time, and as of 2022 they controlled approximately 25% of foreign-owned debt.
A flurry of big spending packages and ballooning social welfare costs for a rapidly ageing population have left Japan with a debt pile 263% the size of its economy - double the ratio for the United States and the highest among major economies.
Australian Government debt was progressively reduced after the Second World War and largely eliminated by the beginning of the 1970s.
Australian Government debt is owned by a range of Australian and international investors. The AOFM provides information on the share of AGS on issue owned by non-residents on a market-value basis.
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 most immediate impact is that borrowing cost rises for the nation in the international bond market. If the government itself is borrowing at a higher rate, then the corporates also have to borrow at increased rates.
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The countries issue bonds in exchange for the debt. However, owing to an insufficient cash inflow, the country often fails to pay back the principal amount as well as the interest amount of the loan to domestic or international creditors as well as organizations like the International Monetary Fund (IMF).
The poorest country in the continent of Australia is Papua New Guinea.
However, the data shows that listed in the first place as the nation's poorest postcode, with an average taxable income loss of -$23,484 is 2398 (Gurley) in NSW.
In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
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).
Note: Salary is one of the most important contributors to the total income. As such, the average median household income (Purchasing Power Parity) in Australia was 95,371 AUD (USD 63,393) for the year 2021. This puts Australia in the top 10 countries for the highest median household income.
What was Australia's Household Debt: % of GDP in Dec 2022? Australia household debt accounted for 117.8 % of the country's Nominal GDP in Dec 2022, compared with the ratio of 119.8 % in the previous quarter. See the table below for more data.
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.