Australia’s national debt breached the $1 trillion mark for the first time on August 20, only to fall back below the line on August 21.
Australia’s Debt Hits $1 Trillion
The Office of Financial Management recorded a baseline gross debt of $983.7 billion on August 14, and after issuing $4.1 billion of bonds on August 20 and $13 billion via a syndicated auction on August 18, total debt reached roughly $1.008 trillion.
The debt will dip again on August 21 when $6 billion of notes mature, pulling the total to $994.8 billion before the weekly AOFM update.
Shadow Liberal Minister Tim Wilson warned that further borrowing will push the debt back above $1 trillion in the coming weeks, tying the increase to higher taxes and inflation.
“Today’s debt is tomorrow’s taxes, and the Albanese government’s spending is fuelling inflation, eroding real wages and raising living costs,” he said, adding that the $30 billion annual interest bill would equate to a $2,000 tax cut per taxpayer if eliminated.
Wilson also claimed the government has squandered about $400 billion in windfall revenues instead of paying down debt, stoking inflation and making Australians poorer.
Treasurer Jim Chalmers rebutted, asserting that under the previous Coalition government debt would be higher, noting the current debt is $200 billion lower than when the Coalition left office.
He told reporters in Canberra, “No amount of hyperventilating from the Liberal Party today will change the fact that debt is $200 billion lower this year than what they left us,” and warned that a Coalition‑led administration would have debt approaching $1.2 trillion now.
The Epoch Times has sought comment from the Treasury Department. A response will be added if it is received.
