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  • Money Magazine

    NEWS & VIEWS

    Jun 30, 2021 5 minutes

    THE BUZZ

    Big debt is fine – just don’t make it personal

    Australian government debt is on track to reach $1 trillion by June 2025 (around $37,000 per person), according to research by MyState Bank. Most people seem to be comfortable with the sizeable amount, which represents almost a third of superannuation assets.

    According to the research, 74% of us are okay with the debt if it is used for job creation, aged care and mental health. However, 62% are concerned about high personal debt.

    According to Heather McGovern, MyState’s general manager of customer experience, given the record low interest rates that support this borrowing, Australians understand how debt can be harnessed for economic good.

    “The fact that most Australians are comfortable with government debt increasing to support economic growth as we emerge from the pandemic shows that we have a mature, rational understanding of the economic climate. Australians recognise these are unprecedented times and the government needs

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