In Australia, external debt is a part of the total debt that is owed to creditors outside the country..
This page provides - Australia External Debt - … External Debt in Australia increased to 2328330 AUD Million in the first quarter of 2020 from 2172006 AUD Million in the fourth quarter of 2019. Net foreign debt is equal to gross foreign debt minus the sum of lending by residents of Australia to non-residents and official reserve assets held by the Reserve Bank. But that's not necessarily bad.
Government Debt to GDP in Australia is expected to reach 50.00 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. The Morrison Government's $130 billion wage subsidy package is massive.For the next six months, the Federal Government will be paying the equivalent of half of the country's total wage bill Australia has never seen anything like it — and it will be very costly.In the mid-year budget update, Australia's net debt was forecast to peak at $392.3 billion in 2019-20, or 19.5 per cent of gross domestic product (GDP), before declining.But the emergency wage package will see Australia's net debt increase by a third, swelling to roughly $507 billion by the end of June, to hit 26 per cent of GDP.And that won't be all — there's more debt on the way next financial year.Essentially, the Government will pay for the stimulus package by creating the money and racking it up as debt.Officially, it will raise the money via the Australian Office of Financial Management (AOFM), which borrows money on behalf of the Government by selling Australian Government bonds.If ever you needed convincing that financial markets have become completely divorced from reality, just look at Wall Street's wild swings, writes Ian Verrender. Institutional investors (foreign and local banks) will buy the bonds, which promise to pay regular interest payments and repayment of the principal at a set future date.The bonds will be traded with other investors, such as superannuation and pension funds, insurers, hedge funds, and private banks and central banks, which like to hold interest-bearing financial assets in their portfolios.The ultimate buyer of the Government bonds could be the Reserve Bank, because at the moment, "The Government will have to increase its debt by about 40 per cent, but issuing debt is not a problem, they could issue five times that and it still won't be a problem," ex-Treasury official Steven Hamilton told the ABC.
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