Who Owns Our Debt?

14 Mar

Yesterday I wrote an article commenting on the SMH economics editor Ross Gittins’ column about Australia’s foreign debt.

Something else Mr Gittins claimed in his article caught my notice and bugged me overnight:

What’s that you say? You thought the pollies had done little else but spar about deficits and debt? Sorry, different debt. They’ve been arguing about the public debt – the amount the federal government owes (mainly to Australians).

Mr Gittins is apparently claiming that when the Australian Government issues Commonwealth Securities to raise money, that these are mainly bought by Australians – investors, super funds, banks, big companies, etc.

But is that true?  Is our public debt “mainly” owed to Australians?

I decided it might be nice to know for sure.  Not just take Ross Gittins’ word for it.

In the RBA’s Statistics section, spreadsheet “E9.xls” – Commonwealth Government Securities Classified By Holder as at June 30, I found something interesting…

Continue reading ‘Who Owns Our Debt?’

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