Key information about Australia Total Debt: % of GDP Australia Total Debt accounted for 270.6 % of the country's GDP in 2022, compared with the ratio of 275.5 % in the previous quarter. Australia Total Debt: % of GDP data is updated quarterly, available from Jun 1988 to Sep 2022.
The Budget projects that the Commonwealth government's gross debt will be around $963 billion at 30 June 2022. This is around 45.1% of GDP.
This continues the trend of increasing debt since the Global Financial Crisis (GFC). Since the beginning of the pandemic, Australian Government gross debt has increased from $534.4 billion in March 2019 to $894.9 billion as of 28 October 2022.
Statista, a German database company, projects the government debt to GDP ratio in China rising to just above 73 percent in 2021 and nearly 78 percent in 2022, continuing an upward trend through 2027.
Collating numbers released in the IMF's quarterly update on foreign exchange reserves, RBC's Sydney-based fixed income strategist Michael Turner said it appeared China held around $130 billion of the $730 billion Australian Government and quasi-government bonds in the market.
The Limitation Act 1969 (NSW) places time limits on the rights of a creditor to bring an action for the recovery of debts. In most cases a creditor or a debt collector must recover the debt, or commence court action to recover the debt, within 6 years of: the date on which the debt first arose or.
Australia in top 5 for highest household debt
According to OECD data, the average Australian household has debt of around 210.07% of their net yearly income. ¹ In layman's terms, Australians are spending a lot more than we're earning. But why is that?
The majority (two-thirds) of our government debt is held by non-resident investors. According to the Australian Bureau of Statistics (ABS), the United States and the United Kingdom are the biggest investors followed by Belgium, Japan and Hong Kong (SAR of China).
Australia has the fifth-highest amount of household debt in the world, coming in at around $86,000 per household. A new study from Invezz revealed Australian households ranked high on the list compared to the rest of the world, with debt far outweighing disposable income.
A number above 100% means the dollar amount of the debt is greater than the dollar amount of the GDP. A number below 100% means the dollar amount of the GDP is greater than the dollar amount of the debt—a good economic sign.
Total state debt across the six states is set to reach $688 billion (27% of GSP) by 2025-26, led by Victoria ($226 billion) and NSW ($221 billion).
The Australian Economy - September quarter 2022. Our economy grew 0.6 per cent during the September quarter 2022, and 5.9 per cent compared to last year.
You might not have to pay an old unsecured debt if it has been more than 6 years (or 3 years in the Northern Territory) since you last made a payment or acknowledged the debt in writing. This is called a statute barred debt.
The time limit is sometimes called the limitation period. For most debts, the time limit is 6 years since you last wrote to them or made a payment. The time limit is longer for mortgage debts.
China is Australia's largest two-way trading partner in goods and services, accounting for nearly one third (31 per cent) of our trade with the world.
Australia Exports to China was US$116.82 Billion during 2021, according to the United Nations COMTRADE database on international trade. Australia Exports to China - data, historical chart and statistics - was last updated on December of 2022.
When the agreed term of a bond ends – known as its maturity date - the government pays back the original sum of money. Some bonds are very short term, others last for decades. Buying government debt is normally a safe investment – if you are lending to a rich and stable country.
China is facing a full-blown debt crisis with $8 trillion at risk as Xi Jinping eyes an unprecedented 3rd term.