

Sorry for posting a paywalled article
Here is a Wayback Machine URL for the same post: https://web.archive.org/web/20250912020115/https://www.crikey.com.au/2025/09/12/charlie-kirk-death-fascism-america-united-states-donald-trump-australia-don-farrell/ in case you want to update the post to use that URL.


Like any other monetarily sovereign state, Australia never need incur debt for government spending, and should not balance its budget.
All Australian dollars are created by the Australian government, deciding (by passing law) that new money shall exist. Poof, now it exists, as a number in the central bank; from there it flows into the economy, until taxation destroys it again.
So younger people are quite right to be unconcerned by a deficit in the Australian budget. All of that is money that exists, and if there were no deficit then none of the rest of us would have any money: it would all have been returned to nonexistence by taxation.
Our government can fund any and all services they choose to, simply by passing law that says the money is available (thereby creating the money). We don’t want them to “balance” the budget, we want well-funded public services and (independent from government services) we want higher taxation on the wealthy, to reduce their spending power.
That they do not do this; that they pursue the phantom of a “balanced budget” for a monetarily sovereign state that creates its own money whenever it wants? Is a choice made by our government, every day, based on a flawed ideology that ignores the facts of the very system they govern.