This year, Victoria is expected to hold about $170 billion in debt while NSW is forecast to hold about $160 billion. Foo said the states routinely under-delivered on their infrastructure plans. In 2022, they underspent 14 per cent of what they had expected to outlay on their various projects.
The ten states with the most debt in the US are California, New York, Texas, Illinois, Florida, Pennsylvania, Massachusetts, Ohio, New Jersey, and Washington. California ranks first for states with the most debt, with a debt of $520 billion, followed by New York in second place with $368 billion.
Australia's states and territories ("states") are closing in on gross debt of A$540 billion, as they borrow more to finance infrastructure investment.
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.
the largest general government net debt per capita in Australia, rising from $15,600 in FY2022 to $24,000 in FY2026. The net debt as a percentage of GSP will expand in all the states.
In December 2021, Australia recorded a national government net debt to gross domestic product (GDP) ratio of 36%. This GDP in Australia ratio refers to net government debt. It is calculated by subtracting the sum of interest-bearing liabilities from the total sum of financial assets, such as cash, deposits, and loans.
Financial assets included in the calculation of net debt are projected to be $52.9 billion at June 2022, which is $1.2 billion lower than projected at the 2021-22 Half-Yearly Review.
The budget position within the General Government Sector is a record surplus of $5.18 billion in 2022-23. Net debt is expected to be $5.238 billion lower than was forecast in the 2022-23 Budget. Total Revenue has been revised upwards by $7.341 billion for 2022-23 and $2.742 billion in 2023-24.
Australian Government debt was progressively reduced after the Second World War and largely eliminated by the beginning of the 1970s.
Individuals income tax. Individuals' income tax is the single most important source of government revenue. Since the mid 1970s it has consistently raised around half of the Australian Government's tax receipts and continues to be a stable and predictable source of revenue.
Punjab, Rajasthan, Kerala, West Bengal, Bihar, Andhra Pradesh, Jharkhand, Madhya Pradesh, Uttar Pradesh, and Haryana are the states with the highest debt burden in India.
There are no new taxes or increased taxes and no new government fees and charges. Net debt projected to rise from $27.3 billion in 2022-23 to $33.9 billion in 2025-26. Forecast deficit of $1.7 billion in 2021-22, returning to a surplus of $233 million in 2022-23.
According to data published by London-based investment fintech Invezz, Japan, Greece, Italy, Portugal, and the US are the top five nations with the highest level of government debt.
According to usafacts.org, as of January 2023, Japan owned $1.1 trillion in US Treasuries, making it the largest foreign holder of the national debt. The second-largest holder is China, which owned $859 billion of US debt.
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.
Australia also partners with the World Bank Group on specific development programs which support Australia's development policy priorities. Over the last five years, Australia's annual average contributions to the WBG (core and non-core) has been around USD400 million.
The world's 12th largest economy
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
Net debt is expected to fall to $27.9 billion at 30 June 2023, the fourth consecutive annual decline in net debt, and almost $16 billion lower than the level of debt projected under the previous Government.
About the Queensland Economy
Queensland's $349 billion modern, vibrant economy is supported by a range of industries and services.
The health care sector is also the State's largest employer, employing 354,700 workers in 2019-20. The health sector has been one of the major contributors to the Queensland economy over the last decade, growing by approximately 66% in real terms.
Domestic Holders of Federal Debt
The Federal Reserve, which purchases and sells Treasury securities as a means to influence federal interest rates and the nation's money supply, is the largest holder of such debt.
At almost 700 billion dollars, New South Wales is Australia's largest state economy, accounting for around a third of the nation's economic output and home to nearly a third of Australians.
Our imports usually exceed our exports, giving us a trade deficit. This deficit has to be funded (paid for) either by borrowing from foreigners or by having them make "equity" (ownership) investments in Australian businesses or properties. Of course, when we borrow from foreigners, we have to pay interest on our debts.