Ignoring real crisis
Now accompanying every notice of assessment issued by the Tax Office are the figures for the federal government’s gross debt: this year’s ($340 billion); last year’s ($257 billion), and the interest payments on this gross debt ($13.2 billion). No doubt this was mandated by the Treasurer.
While such information is instructive under the government’s narrative of a debt and fiscal crisis, I wonder if the government would mandate disclosure of how much gross private debt Australians owe to financial institutions – $2200 billion – thereby making all aware of the real crisis engulfing us and the rest of the privately indebted world.
Tom Fanning, Blackburn