During several press interviews (in 2015), Mr Hockey stated that we are spending $40 million a day to repay the interest on our national debt.
This equates to each Australian paying $1.64 in interest every day.
In addition, we are overspending by $1,700 per year per person.
The questions I wish to raise are on whose authority have consecutive governments put Australians in this poor fiscal position, why is it being allowed to continue and why are previous governments not held retrospectively accountable?
The analogy I am going to put forward is what kind of parents borrow money to assist their neighbours and watch their own children suffer the burden?
To my mind, charity begins at home, and wherever a surplus exists, the right thing to do is of course assist others.
Let’s not confuse Australia’s AAA rating, it is a credit rating and no substantial tangible assets exist to support it.
Worst case scenario is we may have to part with some of our land to pay off future mounting debt; I fear this may very well be the legacy we are passing on to our children and children’s children.
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Apr 10, 2017
John Rossi, Point Clare