In 2020, the United States and China had the highest household debt of the selected countries when measured as a share of gross domestic product (GDP). At that time, Hong Kong households held a stock of debt valued at roughly 259 percent of the country's output.
So how big is the national debt? At the end of June, the total size of Australia's national debt was $895 billion. That's about $100 billion short a trillion dollars.
Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP.
The Australian Bureau of Statistics provides Household Debt in local currency and Nominal GDP in local currency. In the latest reports, Australia Household Debt reached 1,964.1 USD bn in Dec 2022. Money Supply M2 in Australia increased 6.7 % YoY in Mar 2023.
As of 2022, Australians remain in the unenviable position of having the highest percentage of net household debt compared to other countries with similar economies. According to available data from the OECD, the average Australian household debt-to-income ratio comes in at $187 for every $100 of after-tax income.
The coefficients on income per capita, the real interest rate, inflation and financial liberalisation are all significant and of the expected sign: higher real incomes and lower real interest rates or inflation are all associated with increased indebtedness of households, as is the deregulation of the financial sector ...
A flurry of big spending packages and ballooning social welfare costs for a rapidly ageing population have left Japan with a debt pile 263% the size of its economy - double the ratio for the United States and the highest among major economies.
A major lender abroad, China is facing a debt bomb at home: trillions of dollars owed by local governments, their financial affiliates, and real estate developers.
Australian Government debt was progressively reduced after the Second World War and largely eliminated by the beginning of the 1970s.
The IMF data shows that Australia has the lowest level of gross debt, after Chile, when compared with other member states in the Organisation of Economic Development and Co-operation (OECD). In terms of net debt, only Chile, Denmark, New Zealand, Norway and Sweden have lower levels.
An S&P analysis shows Victoria not only has the highest debt burden of any state in the country, it also carries more debt than 10 sub-sovereign states analysed in Canada and Germany – two countries that experts nominate as most similar to Australia.
But other experts argue the risk of a hard landing is low. China has little overseas debt, and a high national savings rate. In addition, most of the debt is state owned – state-controlled banks loaned funds to state-controlled firms – giving the government the ability to manage the situation.
As of 2020, China's total government debt stands at approximately ¥ RMB 146 trillion (US$ 47.0 trillion), equivalent to about 45% of GDP. Standard & Poor's Global Ratings has stated Chinese local governments may have an additional ¥ RMB 40 trillion ($5.8 trillion) in off-balance sheet debt.
That is at least in part because China is facing a debt bomb at home: trillions of dollars owed by local governments, their mostly off-the-books financial affiliates, and real estate developers.
The United States has the world's highest national debt with $30.1 trillion owed to creditors as of the first quarter of 2023.
Top 10 territories that own the most U.S. debt
Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion.
The economy of Japan is a highly developed/advanced social market economy, often referred to as an East Asian model. It is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP). It is the world's second-largest developed economy. Japan is a member of both the G7 and G20.
External Debt
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.
The organizations that make up the World Bank Group are owned by the governments of member nations, which have the ultimate decision-making power within the organizations on all matters, including policy, financial or membership issues.
Tasmania will reach 25% while WA will have the lowest at 15% of GSP. borrowing level with $123B in FY2022 (i.e. 2021-22), followed by New South Wales with $106B.
Net debt. All Australia general government net debt (L2) reached $779.4b or 33.8% of GDP in 2021-22.
The latest lending indicators from the Australian Bureau of Statistics (ABS) show that the average mortgage size (for owner-occupier dwellings) was $585k in May 2022.
The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP.