“Were we to proceed on a business-as-usual approach, we would see deficits out forever, and debt ballooning to levels which would impoverish our children and grandchildren, Malcolm Turnbull warned shortly after the 2014 budget.
Since then, the 10-year forecast for government debt has climbed even higher – to $684 billion – on the latest Treasury figures, which will be updated on Tuesday. The figure for net debt is lower, thanks to money stashed in the Future Fund, along with other assets held by government.
Mr Shepherd said this debt legacy revealed how the ‘baby boomer’ generation had turned traditional notions of inter-generational fairness on their head.
I think its a sad reflection on my generation. Thats why were all going out there…