We’re heading to a 1990s-style fiscal reckoning

We’re heading to a 1990s-style fiscal reckoning

According to the IMF, our various governments' combined gross debt is 113.9 per cent of GDP. In 1990, at the beginning of a decade that came to be dominated by a debt crisis, it had been just 73.7 per cent. The deficits projected in the 2025 federal budget will take our gross debt even higher. The trend is unsustainable, which means it will end.