This is Australia

Opening F-111 dump and burn at Riverfire 2006, an annual fireworks/RAAF spectacular at South Bank in Brisbane, Saturday September 2nd 2006

The most vulnerable countries in 2010 are shown in PIMCO’s chart “The Ring of Fire.” These red zone countries are ones with the potential for public debt to exceed 90% of GDP within a few years’ time. The yellow and green areas are considered to be the most conservative and potentially most solvent, with the potential for higher growth.

http://www.pimco.com/EN/Insights/Pages/February%202010%20Gross%20Ring%20of%20Fire.aspx

On 11/02/10 12:14 PM, "Stephen Williamson" swcs2@optusnet.com.au wrote:

Hi all

Really interesting graph in today's Australian, comparing numerous advanced economies in the western world, in terms of their public debt and budget deficit (as a percentage of GDP).

So, going left to right, it shows Gross Government Debt as a percentage of Gross Domestic Production (for the year). We've jumped from 10% of GDP in 2007 to about 17% (or more) now, and though it's still going up, it's still the lowest of all the countries on that list. That, doubtless, is with major thanks to Costello and Howard.

Going top to bottom, it shows current government surplus / deficit for the year, once again as a percentage of Gross Domestic Product. And, once again, Australia's 4% deficit, though it's in deficit, still looks fairly healthy, compared to, say, poor old Greece .

In fact, we look like we're in a better state than just about any other country on the list.

Click here to read the full article.

As a friend replied: Great graph. We are a blessed nation.

Final amounts:
Govt figures for 2009-2010 showed total tax revenue of $290 billion, and total govt expenses of $338 billion, leaving an operating deficit of $48 billion. Our current yearly GDP was about a cool $1 trillion.
Govt Salaries 2009-2010 PM: $340,704 Deputy PM: $268,632 Treasurer: $245,700 Opposition Leader: $242,424

Below is a quick definition of GDP Gross Domestic Product. All three approaches are designed to bring a roughly equivalent total.

Production Approach: Total annual sales (less cost of sales and less any government subsidies) for all business enterprises whether individual, corporate or government. It includes total exports.
Income Approach: That total is thus made up of wages (before income tax), profits, rents, interest, also adding back depreciation provisions, sales tax (GST), plus any other excise taxes.
Expenditure Approach: That total is then spent on private consumption, investment by businesses and individuals on new assets, plus payments of government salaries & purchases (but not including unemployment / Centrelink / subsidy payments).
As well, the following figures are specifically excluded:
- A value placed on work that is provided in an economy by nonmarket transactions such as homemakers and military personnel.
- Illegal activities such as drug trafficking.
- Goods and services that are bartered.
- Sale of intermediate goods (raw materials).
- Sale of used goods (used cars, furniture, etc.).
- Purely financial transactions such as sale of stocks and bonds.
- Imports (goods made outside the country) because those expenditure payments head overseas.

Click here to read Wikipedia's article on each country's GDP.

Click here for a May 4th update on IMF's bailout of Greece.
Brief Quote "The Greek bailout means Euro-area nations are indeed their brothers' keepers, which in practice means every country's debt is on every other country's balance sheet."

Click here for further background