For those who may be watching the ABC to get updates on the Mid Year Economic and Fiscal Outlook, don’t bother.
The first thing I saw was a large banner on the bottom of the screen:
“Australia scheduled to be out of debt by 2021”
For those more interested in the truth, MYEFO actually says
“Net debt is expected to be $343.8 billion (18.9 per cent of GDP) in 2017‑18. Net debt is projected to peak at 19.2 per cent of GDP in 2018-19, before declining over the medium term to 7.7 per cent of GDP ($228 billion) in 2027-28.
Gross debt, measured as the face value of Commonwealth Government Securities (CGS) on issue subject to the Treasurer’s Direction, is expected to be $531 billion at the end of 2017-18 before increasing to $583 billion at the end of the forward estimates. By the end of the medium term (2027‑28) the total face value of CGS on issue is projected to rise to $684 billion.”
As of December 15, Australian Government Securities on issue had a face value of almost $517 billion.
No matter which way you look at it, the ABC is talking crap and appear to have fallen into the Murdoch habit of headlines that misinform.
