What was Australia's budget deficit and national debt as a percent of GDP prior to the...
What was Australia's budget deficit and national debt as a percent of GDP prior to the financial crisis and how has it changed since (due to economic weakness as well as any stimulus)? Does this seem to pose a problem?
Please explain thoroughly.
Homework Answers
The 2017 Australia's Federal budget deficit was forecast to be $29.3 billion or 1.6% of GDP . This was Australia's eleventh consecutive budget deficit. National debt in Australia as per cent of GDP on an average was 23.71 % from 1989 to 2018.However in 2017 it reached a high of 40.70 percent. But in 2007 ,ie prior to the financial crisis national debt was very low at 9.70 per cent .
Yes, Australia's rising national debt seem to pose a problem.As a result of growing national debt there will be lower national savings and income.Due to high interest payment, there will be rise in tax and , reduction in spending . A very big risk of fiscal crisis will be faced by the economy.There will be less ability of the government to respond to the problems in the economy.
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What was Australia's budget
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please help with a detailed, fully explained answer
for Question 2. thank you
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,
CBO expects higher long-term deficits The Congressional Budget Office (CBO) says the national debt is on an upward path and will hit 122 percent of GD f the govemment decided to slow the growth of debl by cutting transter payments and raising taxes by the same an Cutting transfer payments and raising taxes by the same amount- A. increases the budget deficit increases aggregate demand, and increases real GDP O B. decreases the budget defict, decreases aggregate demand, and...
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please help with a detailed, fully explained answer
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