States on borrowing binge as Morrison government predicts $1tn in net debt by 2024-25 fiscal year
by Peter Hannam from World news | The Guardian on (#5WXCX)
Pandemic and other disaster recovery efforts will further power state debt, says rating agency
Australia's states and the ACT have almost doubled their borrowings in the past three years, placing them on track to hit the half-trillion dollar debt mark by mid-year, according to rating agency S&P Global.
The borrowing binge comes as the Morrison government projects almost $1tn in net debt by the 2024-25 fiscal year, with commonwealth outlays on the economy and health during the Covid pandemic amounting to more than 14% of gross domestic product.
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