Australia's Central Government Debt (% of GDP), 1990-2022

Australia's government debt remained relatively low through the 1990s, peaking at 22.12% in 1995 before declining to a low of 6.07% in 2007, supported by strong economic growth and fiscal surpluses. The global financial crisis reversed this trend, with debt rising to 14.23% in 2010 as the government implemented stimulus measures.

The debt burden grew steadily, reaching 43.63% in 2020 as COVID-19 necessitated large-scale borrowing. A modest recovery reduced it to 38.63% by 2022, reflecting economic resilience and efforts to stabilize public finances.