Reserve Bank figures show mortgage, credit card and personal loan debts now stand at $1.2 trillion, up 71 per cent from just five years ago and equating to $56,000 for every man, woman and child in the country, News Ltd says.
[…] personal debt now totals 100.4 per cent of Australia’s annual GDP — one of the highest ratios in the developed world.
This is not good.
It could be worse. Also, current political-economic trends will help test the previous sentence in the near future. For those that doubt this, just look at the Australian version of cash for clunkers. It was a great idea if the only goal was to increase personal debt levels to subsidize the auto industry. At least the US pretended that theirs was about improving fuel efficiency.
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crazynutjob reblogged this from benkraal and added:
It could be worse. Also, current political-economic trends will help test the previous sentence in the near future. For...
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benkraal posted this
