GROSS DEBT was $971.4 billion last Friday, according to the Office of Financial Management. That’s not much more than the $946.4 billion borrowed in October 2024.
For the last 20 months, gross debt has fluctuated between $910 and $995 billion, and shows no sign of exiting this band.
Australia’s net debt in May, also reported Friday, was $537.4 billion, less than the $541.0 billion level in April 2022, just before Labor took office. Over Labor’s entire four years, net debt has remained between $484 billion and $567 billion, with no indication this will blow out either. That is remarkable stability.
