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Message: <blockquote data-quote="giggee" data-source="post: 21174817" data-attributes="member: 75685">MAhindage  loan in Australia.. national debt  rise over 5 times<img src="/styles/default/xenforo/smilies/default/happy.gif"  class="smilie" loading="lazy" alt=":)" title="Happy    :)" data-shortname=":)" />In the six years of the Rudd / Gillard Labor government from 2007 to 2013, gross government debt increased by $225 billion, from just under $50 billion to just over $273 billion. These figures are from the government agency that borrows money on behalf of the government, the Australian Office of Financial Management.The escalation in government debt during the Labor years was due to the budget deficits which were driven by lower revenue as the global financial crisis hit tax payments to the government and were also the result of deliberate stimulus measures as the government implemented a range of one-off, big spending, policies to avoid a recession.It was a policy response that in 2011 meant Australia attained the coveted triple-A credit rating from all three major credit ratings for the first time in its history.<a href="https://au.finance.yahoo.com/news/the-dirt-on-govt-debt-015604567.html" target="_blank">https://au.finance.yahoo.com/news/the-dirt-on-govt-debt-015604567.html</a></blockquote>

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