Australia will see a 57 percent surge in interest payments on national debt in the next four years as the government goes on a borrowing spree to cover its rising expenditures.
In the newly released federal budget forecast (pdf), the Albanese government forecast that total interest payments would rise from $22.7 billion (US$15 billion) in the 2023-24 financial year to $23.8 billion in 2024-25, before soaring to $35.6 billion in 2027-28.
