You will notice that I write a lot about government debt. The reason is that it is a good way to see, real time, the level of fiscal profligacy and policy incompetence of a government.
Cash is king and its hard to mask the accounting BS tricks of overpaid boffins.
There is no cash or accrual or operating budget obfuscation. It just shows the debt outstanding. So ta da:
Yes. The number officially ticked over $1 trio last week before coming back. But now it is over $1 trio for good. I cannot see it getting under this number in my lifetime.
As Milton Friedman said:
Keep your eye on how much the government is spending, because that is the true tax.
And Australians have never been taxed more. Even before state and territory insanity is counted.
The timing is perfect with global bond yields increasing so get ready for ever more of your tax dollars to go towards debt servicing to meet the cost of prior waste.
Depressing? Yes it is.
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