Did someone send junk email to the Australians? “Pay off your debts.”
Australia paid off its national debt this weekend. I have no idea what this means and no one else does either. This is a first among modern industrial nations.
Bonded indebtedness has been a source of national economic growth and vitality for three hundred years because it was a sign that a government was stable and could raise taxes from a reliable tax base. That era is past. What does indebtedness mean today?
Every central banker is looking at what happens to Australian economic growth in the next five years.