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Australia - Government Net Debt to GDP

Australia's government net debt to GDP reached an all-time high of 43.8% in 2024, up from 42.8% in 2023. Government expenses increased by 8.4% in the 2023-24 fiscal year. Softer economic conditions with real GDP growth at 1.5% in 2023-24, contributed to the rising ratio. Higher interest rates also escalated public debt interest payments. Australia's record low net debt to GDP was -3.4% in 2008 and record high was 43.8% in 2024.

Yearly Historical Data (1971-2024)

(in %)
Year Government Net Debt to GDP
2024 43.8%
2023 42.8%
2022 40.4%
2021 36.1%
2020 24.8%
2019 19.2%
2018 18.5%
2017 18.3%
2016 18.3%
2015 15.1%
2014 13.1%
2013 10.4%
2012 10.2%
2011 6.4%
2010 3.7%
2009 -0.9%
2008 -3.4%
2007 -2.2%
2006 0%
2005 1.7%
2004 3.1%
2003 4.2%
2002 5.6%
2001 6.6%
2000 8.7%
1999 11.6%
1998 14.1%
1997 17.3%
1996 18.1%
1995 16.8%
1994 15.1%
1993 12.4%
1992 7.3%
1991 4.1%
1990 4%
1989 6%
1988 8.4%
1987 10.2%
1986 10.3%
1985 9.3%
1984 7.5%
1983 4.8%
1982 3.4%
1981 4.2%
1980 4.6%
1979 4.2%
1978 2.8%
1977 0.9%
1976 -0.4%
1975 -2.7%
1974 -3.1%
1973 -1.6%
1972 -1.1%
1971 0.9%
Australia - Government Net Debt to GDP : Definition
Australia's net debt to GDP shows government debt less liquid assets as a percentage of the country's total economic output, gross domestic product. It's calculated by dividing net debt by GDP, then multiplying by 100.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio -2% -2% Jun'25
Interest Rate 3.6% 3.6% Sep'25
Private Credit (% GDP) 129.67% 127.43% 2024