The latest Australian Bureau of Statistics (ABS) data shows the country’s debt-to-GDP ratio has fallen from 10.1 per cent to 10.2 per cent in the past decade.
The number of Australians with credit card debt has also fallen by more than 20 per cent.
That’s the largest decline in Australia’s overall debt-related debt, from almost $300 billion to less than $200 billion in the decade.
But that’s not to say Australia’s economy is booming.
Rather, the economy is stagnating and the debt-concentration ratio is the second highest in the G7 after Japan.
While debt-level growth has been sluggish in the last few years, there’s still plenty of room for growth. Debt-to