More important part of this article:

But Mr Stevens clearly doesn’t see it that way.

“There is virtually no net public debt in the country at all in contrast to much of the developed world,” Mr Stevens said in answer to a question after a speech to the Anika Foundation.

“The most recent figures out of Canberra was a peak of five or six per cent of GDP. So far from that being the highest in history, it is closer to the lowest.”

Thomas.

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