Government

Is the Australian economy the world’s largest Ponzi scheme?

Oliver Yates asks why nobody seems to care that Australia is now one of the most indebted nations on earth.

Australia needs more than one billion dollars every day – that’s one thousand million dollars each and every day - to avoid default on its foreign debt, yet we seem to be basking in the illusion that we are not a future Greece.

Australia is now in a worse foreign debt position than Hungary and ranks as the 11^th most indebted nation on earth. With gross external debts (equity and debt) of over 2 trillion and a debt to GNP ratio exceeding 100%, Australia sits well within the field of European countries facing a bleak future.

Australians should be able to hear clearly the “tick..tick..tick” of our own debt bomb. But government and business refuse to talk about it. Why?