LETTER: Debt woes
A McKinsey report says debt to GDP levels have risen by 17 per cent around the world since the global financial crisis in 2007.
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Global debt totalled $US199 trillion in 2014: it was $US142 trillion in 2007.
All major economies today have higher levels of borrowing relative to GDP than they did in 2007.
Debt levels in and of themselves don’t mean much. What matters is the ability to service that debt.
It apparently, costs the Australian Government almost $110 million a day to service its total budget deficit and Hockey’s 2014 budget continues to deteriorate.
Brian Winship, Port Macquarie
