By Andrew Mackinnon
The Australian federal government debt is currently around $985 billion, resulting in the Australian federal government making interest payments on it out of Australian federal government taxation revenue amounting to a maximum of around $50 billion per year, placing immense pressure on the Australian federal budget. At some point, principal repayments must also be made out of taxation revenue.
I believe that at least one third of this Australian federal government debt and possibly much more is owed to the Reserve Bank of Australia and is therefore not legitimate debt that obligates the Australian federal government to make interest payments on it or principal repayments of it.