The Australian economy is kept afloat only by high employment numbers. Without high employment our debt would kill us. The good news is, we have a large buffer with people on work visas, people we could send home in a recession. Also there are people wanting into Australia by buying businesses, which means struggling companies can offload to people with way more money than sense.
So I'm fairly optimistic, even if I do not agree with how this country is run, with such high public service wages and social programs we do not need funded by debt
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