Deeper In Debt

25 Feb

Associate Professor Steve Keen has been warning about Australia’s rising debt burden for some years:

Australians have an unsustainable debt addiction, which will be hard to kick, and painful to recover from. A new report by CPD fellow Steve Keen has found that in just 18 months time we may be spending as much of the national income on interest payments as we were in 1990 – when interest rates were at 17 per cent.

That was in 2007.

Things are far worse now, since the Labor Government has so dramatically increased public debt, while encouraging even greater levels of private debt thanks to its recently wound down “First Home Buyers Boost”.

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