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What budget emergency?

‘Budget emergency’ denied by 63 Australian economists who argue that ‘the government’s chief aim shouldn’t be to generate a surplus but to generate employment’.

‘This year’s budget papers showed that Australia has a net debt of $226.4bn, which is high compared with recent years but represents just 12.5% of GDP – below the 18.1% of GDP reached in 1995-96. This debt level is less than the UK, US, France, Italy, New Zealand and Germany.’

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