‘Spending like drunken sailors’: $1 trillion national debt reveals Australia’s decline

The Institute of Public Affairs Deputy Executive Director Daniel Wild says Australia “used to be an exceptional country”, but as national debt hits $1 trillion it reveals a darker truth. “The passing of a $1 trillion national debt is a marker of our national economic decline,” Mr Wild told News24 host Peta Credlin. “It’s a symbol of how much how country has changed in a bad way. “We used to be an exceptional country … we had stable finances; we had a rapidly growing economy that was based on productivity not population growth. “This has all now changed … the state governments are spending like drunken sailors.”