Debt to GDP is misleading, your personal debt can’t be measured against a collective measure such as the GDP so why should a governments debt be matched against it?
The figures shown are reasonable approximates due to conflicting numbers on various reports.
Shown on the graph below is Australia’s yearly GDP, the amount of debt so far and the amount of the governments’ yearly income.
The debt apologists say how the debt is ‘only’ 30% of the GDP. It is actually nearly one years’ worth of revenue and costing Australia $8 million a day in interest.
Countries like Greece, the US, The UK, Ireland and Italy to name a few once had a debt that at one point was only 30% of their GDP and look at where they are now. The UK and the US are teetering on economic disaster and the others have had to be bailed out and are slashing services and pushing the cost of these disastrous debts onto their citizens, many of whom are in the process of losing everything