we're gonna be paying about $10B a year just in interest!!!!!
Federal Labor Govt, who have decided to overspend during their tenure of 165 Billion (the 20 Billion in cash....didn't that get scooped up and spent quickly....and the 145 Billion in current debt) are currently incurring 8.2 Billion per annum in interest.
All investors here on the forum understand this. This ain't good. That's $ 8.2 Billion per year that cannot be spent on Australians.....on good things like an NDIS. The foreign banks get it instead.
Unlike all investors on here, the Govt doesn't get a tax deduction for the interest it pays on its debt.
Unfortunately, the Labor Govt has decided not to pay the interest bill, and instead use a particularly potent form of debt called capitalising the interest....so they've chosen instead to just lump the interest bill of 8.2 Billion per annum onto the debt pile and carry on regardless.
Labor are spending $ 100 million per day, every day, more than they are earning.
The interest bill of $ 22 million per day ($ 8,200 million / 365 days) is just lumped on the credit card and put on the never-never.
Labor have no plan and no intention of addressing the debt. They will not be slowing it down, nor reducing it. It will continue to grow until the Australian people get an opportunity to kick them out.
What we do have is a PM running around making further promises to spend even more, trying to buy people's votes.
We all saw this at the Premier's meeting with the PM regarding funding for the NDIS. All leaders agreed that it was a good idea. Labor leaders including the PM instantly said they were in....but didn't have any money to throw into the pot....but what they hell, they were in regardless.
The Qld premier said he'd love to be in, wanted to be in, but with $ 65 Billion worth of Labor debt to tackle, he had no clue where the money would come from. There was no room in the Qld budget....all of it is up against it to tackle the huge debt problem he's inherited from Labor.
The greenies have been given a further $ 10 Billion to set up all of these feel good departments in Canberra. That's another $ 10 Billion on the nation's credit card she doesn't have to give.
I hope everyone has had a whale of time during Labor's federal reign. I hope you all saw something for the moeny spent. We'll all be tightening our belts now for the next 20 years to pay for it. It's not going to be pretty, but it is much more palatable than keep plodding going down this same ever increasing debt path.