Herald Sun (Australia)
"GILLARD Government debt levels are forecast to blow out by 60 per cent to $165 billion in this term alone - equal to more than $14,000 for every working Australian.
Analysis of Budget documents reveals that between the 2010 election and Federal Treasury's update in October last year, the 2012-13 net debt estimate rose $54 billion to $144 billion. ....Ahead of the budget, the Coalition is honing in on a number even larger than net debt - the total value of bonds and other securities issued by the Government, or gross debt, which has ballooned from $151 billion at the 2010 poll to $267 billion now. In the last budget the Government raised the gross "debt ceiling" from $250 billion to $300 billion. ....To repay the debt, cuts were required "almost everywhere", Professor Madsen said, and the GST rate could need to be raised.
Mr Eslake said not only would spending have to be reined in, but the current $111 billion a year in tax concessions could have to be wound back."
ED:In 2007 before the Rudd/Gillard Labor Govts Australia had NO debt