Could some economist please take the time to explain to me just what is this huge amount of debt ($600 billion+) which Treasurer Hockey continually refers to. I don’t remember when this is supposed to arrive – is it 2050 or later? But just how does he arrive at this figure.
And don’t we have a great deal of surplus before then? Aren’t we doing anything during the next 35 years in the way of digging up minerals and growing wool and meat etc? And what is our economy doing during the next 35 years.
Please – a simple explanation that everyday readers can understand.