Federal Debt Crashes Through $1 Trillion Milestone for the First Time

Australia reaches trillion-dollar debt for the first time

Australia's debt has cracked a trillion dollars, triggering a political debate as to who has the best plan to pay off the nation's massive credit bill.

Federal debt crashes through $1 trillion milestone for the first time

The opposition says Australian households will ‘continue going backwards’ until the government kicks its ‘debt, spending and inflation addiction’.

Federal debt ticks over $1 trillion for the first time

Despite the Commonwealth debt hitting a record high, the treasurer says coalition "hyperventilating" ignores the fact it would have been higher under them.

Australia’s Debt Hits $1 Trillion Mark for the First Time

Australia’s national debt briefly hit the $1 trillion mark for the first time in history on Aug. 20 following the issuance of a new batch of bonds. On Aug. 14, records from the Australian Office of Financial Management (AOFM) showed a baseline gross debt of $983.7 billion. This total climbed after the government issued $4.1 billion of bonds for bidding on Aug. 20 between 10:15 a.m. and 11 a.m. On top of this, the office issued $13 billion in n…

Australia debt breaches A$1 trillion amid global borrowing spree

Australia’s outstanding national debt temporarily exceeded A$1 trillion (US$711 billion), with that milestone underscoring the struggle in developed nations to rein in borrowing levels that b... Read more at The Business Times.