You can read all about the $33 billion budget black hole elsewhere.
Here, we are interested in the interest bill.
In less than 3 months since the May budget, the “Total Interest Expense” bill has blown out by another $4.9 billion “over the forward estimates”.
Compare, if you please.
August Economic Statement:
Yes, we are now talking about $15 – $16 billion every year, in Interest expenses.
That’s before any of the debt principal starts getting repaid.
Our present $300 billion debt ceiling?
Forecast to be hit in December this year … and blowing through $350 billion in April 2015, then $370 billion in April 2016:
And we know how reliable Treasury “forecasts” and “projections” are.
Don’t blame the government.
They’re victims, just like the rest of us.
Self-serving, conniving, complicit victims, yes.
But victims, nonetheless.
Our economic problems are not the politicians’ fault.
They’re OUR fault.
Because we all continue to go along with a fundamentally corrupt, parasitic “money” system.
$15 billion a year in interest costs, is $1,285.53 per employed person (ABS: 6202.0 – Labour Force, June 2013).
Just so you know how much extra tax you will be paying, because our politicians are too under-the-thumb of the international bankster class to reclaim our national sovereignty, and simply order Treasury to “print” the money we need, interest-free.