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Also included are the GSP and population growth tables as well as a comparison table showing the surplus/deficit between state final demand (SFD) and GSP for the same financial year.All the data was taken from the Australian Bureau of Statistics website. 0000322853 00000 n
The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government. 0000001356 00000 n
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But for everyone else, let’s move straight to what the data shows.Table 1 below reports the ratio of debt to Gross State Product (GSP) in percentage terms for Australian states and territories over the last 10 years.As a reference, the bottom of the table also reports the ratio of debt to Gross Domestic Product (GDP) in selected countries of the world. This is the most recent list of Australian states and territories by gross state product (GSP) and GSP per capita. Total Australian Government Debt increased by a mere 13.5% from December 1989 to December 2007, from AU$81.2 billion to AU$92.1 billion. 0000082683 00000 n
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The Conversation UK receives funding from these organisationsHow much debt is Queensland really in? 0000063321 00000 n
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Government debt and borrowings have … The threshold at state level might be lower than 90% – but no conclusive estimates are yet available in the literature.In other words, working out how much debt Queensland has is the simple part; deciding whether that debt is too high, about right, or quite low, remains a much more subjective matter.So perhaps a simple comparison of debt ratios is not the best way to assess the extent of the problem. Figure 5: States' general government net debt as a percentage of operating revenue, 2016 Sources: State financial reports for 2015-16; ABS (Australian Bureau of Statistics), Government Finance Statistics, Australia, 2014-15, Cat.
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(You can read more in these But not everyone agrees on that 90% threshold; Another important point is that the 90% threshold is estimated from cross-country data on national or federal debt. 0000322009 00000 n
It is indeed this higher growth rate that in the simulation moderates the increase in the debt-to-GSP ratio.In fact, the chart shows that in terms of stabilising the debt-to-GSP ratio it is better to have a limited primary deficit and grow fast than to have zero primary deficit and grow slowly.This does not mean that the Queensland government (or any other government) should permanently run a deficit.
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With the conditions of the second Bligh’s government, the debt-to-GSP ratio would be higher, at 62%.A government that was able to eliminate the primary deficit, but delivered the same rate of growth as the Newman government, would still produce a debt-to-GSP ratio of 51% by 2023-24.The chart below shows the projected debt trajectories under all those different scenarios, starting from the current level of debt.Bligh I – meaning the first term of the Bligh Labor government – was characterised by a higher primary deficit and interest rate than Newman, but the growth rate was also significantly higher.
Total Government Debt is the gross sum of liabilities across federal, state and local Government in Australia. 0000076216 00000 n
Professor, Griffith Business School , Griffith University 0000089562 00000 n
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australian state debt comparison