Queensland Government Borrowings

The Hawke-Keating Government’s much-spoken about $91 billion of borrowings that were left to the Howard Government pales in comparison to the Queensland Government’s $65 billion of borrowings that are set to accrue in the next four years, by 2011/12. $91 billlion is equivalent to around $130 billion in 2011 money.

Given the relative size of two economies and the speed in which Queensland’s borrowings will increase over the next few years, Queenslanders should be worried about the way we are headed. We will borrow more than 2 ½ times the average of the rest of Australia.

Queensland’s relative position will be worse than any other Australian State or Territory with an estimated $15,000 of borrowings for person in the State. The State with the next highest level of borrowings, Western Australia, will only accrue $8,620 borrowings per capita – almost half that of Queensland.

If you told most average Queenslanders that they would be $15,000 in debt in four years time they wouldn’t believe you. They simply don’t realize the precariousness with which Queensland’s economy is placed after ten years of Labor Government.

After all it took the Howard-Costello Government 10 years to pay off Keating’s debt.  And that was with a revenue base the size of the entire Australian Commonwealth!  

How long will it take Queensland to pay off this Government’s debt?