Australia Racks Up Half a Trillion in Dept

Austalia's private sector (mostly banks) has increased it's foreign dept by another 70 billion since last year taking Australia's total dept to over $500 billion. This amount of dept puts Australia up with some of the most heavily indebted nations such as Turkey, Nigeria and Chile.

Australia Owes Half Trillion
"By the end of March, the debt had reached $493 billion, with borrowing by banks responsible for almost all of the $70 billion increase over the past year. Rising borrowings have since pushed foreign debt past $500 billion.

Foreign exchange markets and credit rating agencies were unruffled by the figures yesterday, but economists warned that the level of debt was making the economy more vulnerable".
News.com.au

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