Australia may be rank outsiders to make the football World Cup final, but we are global finalists when it comes to household debt.
As things stand, it would take a year and 79 days of Australia’s total economic output to pay off what we owe — and that doesn’t include the interest we’re accruing. That’s more than twice as much household debt as Greeks have.
Only the Swiss are more indebted and, while we may not beat them on the football field, we’ve now got the Danes licked for household debt.
With so much debt, Australians also have high repayments, averaging 15.5 per cent of incomes, second only to the Dutch at 16.6.