Budget Blowout: Interest-On-Debt $1.59m Per Hour

11 May

Six months.

That’s all it has taken for Labor’s November 2010 MYEFO budget “estimate” for Interest-on-debt to blow out.

By $5.69 Billion to 2013-14.

The November MYEFO 2010-11 “estimate”:

MYEFO 2010-11, Appendix B, Note 10: Interest Expense

The new Budget 2011-12 “estimate”:

Budget 2011-12 | Budget Paper No. 1, Statement 9, Note 10

In March last year (“Rudd’s Interest Bill – $48.49bn to 2013“), we saw that Labor expected to lump taxpayers with $48.49 billion in Interest-on-debt through 2013.

A year later, that’s blown out yet again.

Including this year’s (2010-11) $10.845 Billion, we’re talking an “estimated” and “projected” grand total of $66.466 Billion through 2015.

That’s $1,587,357 ($1.59 million) per hour*, over the next 4 years.

Interest-only.

* The calculation = Total (66.466bn) – 2010-2011 (10.845bn) / 4 years / 365 days / 24 hours.

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