National Debt (% of GDP): Australia
Current Value (2022)
57.9%
All-Time Peak (2021)
69.8%
All-Time Low (1991)
11.9%
National Debt (% of GDP) — Australia
Analysis# Australia's National Debt Analysis
Australia's national debt peaked at 69.8% of GDP in 2021 during the COVID-19 pandemic, driven by unprecedented fiscal stimulus and reduced tax revenues, but declined to 57.9% by 2022 as economic recovery accelerated and nominal GDP growth resumed. The 58 percentage-point increase from the 1991 low of 11.9% reflects three decades of structural shifts, including the 2008 financial crisis (which triggered sustained deficit spending), aging demographics, and lower commodity revenues post-2013. While the 2022 decline suggests improving fiscal conditions, Australia's current debt-to-GDP ratio remains elevated relative to pre-
Historical Data
| Year | Value | Change % |
|---|---|---|
| 2022 | 57.9% | -17.12% |
| 2021 | 69.8% | +1.12% |
| 2020 | 69.1% | +15.14% |
| 2019 | 60.0% | +10.47% |
| 2018 | 54.3% | +2.25% |
| 2017 | 53.1% | -2.50% |
| 2016 | 54.5% | +17.65% |
| 2015 | 46.3% | +11.44% |
| 2014 | 41.5% | +11.06% |
| 2013 | 37.4% | -4.85% |
| 2012 | 39.3% | +31.02% |
| 2011 | 30.0% | +5.01% |
| 2010 | 28.6% | +20.09% |
| 2009 | 23.8% | +31.15% |
| 2008 | 18.1% | -9.56% |
| 2007 | 20.1% | -6.28% |
| 2006 | 21.4% | -4.33% |
| 2005 | 22.4% | -1.99% |
| 2004 | 22.8% | -8.82% |
| 2003 | 25.0% | -3.13% |
Show all 33 rows
| Year | Value | Change % |
|---|---|---|
| 2002 | 25.8% | -6.51% |
| 2001 | 27.6% | -6.21% |
| 2000 | 29.5% | -4.97% |
| 1999 | 31.0% | +84.06% |
| 1998 | 16.8% | -19.10% |
| 1997 | 20.8% | -4.36% |
| 1996 | 21.8% | +0.60% |
| 1995 | 21.6% | +7.38% |
| 1994 | 20.2% | +12.95% |
| 1993 | 17.8% | +26.36% |
| 1992 | 14.1% | +18.68% |
| 1991 | 11.9% | -2.53% |
| 1990 | 12.2% | — |