ECONOMICS: Foreign debt hits $255 billion*

Australia’s financial debt to the rest of the world has blown out to $255.5 billion. It is now equal to 41.8% of Australia’s annual output (Gross Domestic Product). The Federal Government has used the sale of public assets to reduce its section of the foreign debt from $70 billion in 1996 to $27 billion today, and non-financial corporations have cut their foreign debt exposure to $51 billion.However, since 1996, their contribution to the foreign debt has gone from $57 billion to $167 billion…

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