Australia's national debt
$987,542,757,313.96
Australian Government gross debt
Rising by about $2,186 every second
- Per household
- $94,052
- Added since midnight
- $105,454,097
- Interest per day
- $75,838,467
Estimate based on AOFM data and 2026-27 Budget forecasts. Source data (opens in a new tab)
State & territory debt
$438,106,911,593
Combined, on top of the federal debt. Rising by about $133,883,368 a day
VICVictoria
$168,839,549,619
General government net debt. Budget papers for Victoria (opens in a new tab)+$28,199,863 a day
NSWNew South Wales
$125,910,186,393
General government net debt. Budget papers for New South Wales (opens in a new tab)+$14,154,689 a day
QLDQueensland
$39,587,476,032
General government net debt. Budget papers for Queensland (opens in a new tab)+$48,977,413 a day
SASouth Australia
$36,603,536,963
Non-financial public sector net debt. Budget papers for South Australia (opens in a new tab)+$15,271,732 a day
WAWestern Australia
$36,468,952,802
Total public sector net debt. Budget papers for Western Australia (opens in a new tab)+$15,824,778 a day
NTNorthern Territory
$11,765,742,152
Non-financial public sector net debt. Budget papers for Northern Territory (opens in a new tab)+$3,312,799 a day
ACTAustralian Capital Territory
$11,568,507,594
General government net debt. Budget papers for Australian Capital Territory (opens in a new tab)+$3,816,290 a day
TASTasmania
$7,362,960,039
General government net debt. Budget papers for Tasmania (opens in a new tab)+$4,325,804 a day
Estimates based on each government's 2026-27 Budget. States report debt in different ways, so the measures aren't identical and the combined figure is a rough guide.
Australia's national debt is the money the federal government owes on the bonds it has sold. The AOFM put it at $981.4 billion at the end of September 2026, after it passed $1 trillion for the first time in August 2026, and the 2026-27 Budget expects $1,051 billion by 30 June 2027 (34% of GDP). The clock above ticks from the AOFM figure at the rate the Budget projects.
How this clock works
The clock starts from the Australian Government's gross debt on a fixed date, as reported by the Australian Office of Financial Management (AOFM), and grows at the rate the latest Budget projects. It is an estimate. The real figure moves in steps as bonds are issued and repaid.
Australia's national debt by year
Gross debt was paid down to $53.3 billion by 2006-07. It has risen in every year but one since, with the sharpest rise during the global financial crisis, when it more than doubled in two years, and the biggest dollar increases during COVID.
Australia's national debt has grown more than seventeenfold in dollar terms since 2006-07
Gross debt at 30 June, billions of dollars
Source: 2026-27 Budget Paper 1, Statement 11, Table 11.5
Show the data
| Date | Value |
|---|---|
| 1996-97 | $111.1bn |
| 1997-98 | $93.7bn |
| 1998-99 | $85.3bn |
| 1999-00 | $75.5bn |
| 2000-01 | $66.4bn |
| 2001-02 | $63bn |
| 2002-03 | $57.4bn |
| 2003-04 | $54.8bn |
| 2004-05 | $55.2bn |
| 2005-06 | $54.1bn |
| 2006-07 | $53.3bn |
| 2007-08 | $55.4bn |
| 2008-09 | $101.1bn |
| 2009-10 | $147.1bn |
| 2010-11 | $191.3bn |
| 2011-12 | $234bn |
| 2012-13 | $257.4bn |
| 2013-14 | $319.5bn |
| 2014-15 | $368.7bn |
| 2015-16 | $420.4bn |
| 2016-17 | $501bn |
| 2017-18 | $531.9bn |
| 2018-19 | $542bn |
| 2019-20 | $684.3bn |
| 2020-21 | $817bn |
| 2021-22 | $895.3bn |
| 2022-23 | $889.8bn |
| 2023-24 | $906.9bn |
| 2024-25 | $928.6bn |
Gross debt vs net debt
Gross debt is the face value of all Commonwealth Government Securities on issue: everything the government owes bond holders. Net debt subtracts some financial assets the government holds, such as cash and investments: the 2026-27 Budget expects $616.6 billion at 30 June 2027. Both matter. The interest bill below is the interest on those bonds, so it grows with gross debt.
Why the interest matters
Money spent on interest isn't available for hospitals, schools or cost-of-living relief. This year's bill of $27.7 billion is more than the $22.2 billion target cost of Snowy 2.0, and the Budget expects it to reach $40.4 billion by 2029-30. For the projects that ran billions over budget, see our blowout leaderboard.
Borrowing is getting dearer for the government too. As the Reserve Bank raised interest rates in 2026, it noted in its March and May statements that government bond yields, the return investors demand to lend to the government, had risen.
Questions people ask
What is Australia's national debt?
It's the face value of all the bonds the federal government has sold and not yet repaid, called gross debt. The AOFM put it at $981.4 billion at the end of September 2026, after it passed $1 trillion for the first time in August 2026. The 2026-27 Budget expects $1,051 billion by 30 June 2027.
How much is Australia's national debt per person?
About $35,200 for every Australian: $981.4 billion of gross debt divided by a population of 27.9 million (an Aussie Outrage calculation from AOFM and ABS figures). The clock above shows it per household.
What is Australia's debt to GDP ratio?
The 2026-27 Budget expects gross debt to be 34% of GDP at 30 June 2027, peaking at 35.8% in 2028-29. Net debt is expected to be 19.9% of GDP.
Who owns Australia's national debt?
About half is held overseas. Non-residents held 50% of Australian Government Securities in the December 2025 quarter, down from around 76% in 2012, according to the Budget's Debt Statement (opens in a new tab). The rest is held in Australia.
How much interest does Australia pay on its national debt?
$27.7 billion in 2026-27 on government bonds, or about $76 million a day, rising to $40.4 billion by 2029-30 (2026-27 Budget).
Is there a limit on how much Australia can borrow?
Yes. Under the Commonwealth Inscribed Stock Act 1911 the Treasurer sets the maximum, and it has been $1,200 billion since 7 October 2020. The 2026-27 Budget forecasts gross debt of $1,249 billion by 30 June 2030, above that limit.
Has Australia ever been out of debt?
Not on gross debt: since 1996-97 its lowest point was $53.3 billion, in 2006-07. On net debt, yes: from 2006-07 to 2008-09 the government's financial assets were worth more than its debt, by as much as $40.0 billion in 2007-08. Net debt was also below zero from 1971-72 to 1975-76.
Why is Australia's national debt so high?
Two of the biggest increases came during the global financial crisis, when gross debt went from $55.4 billion in 2007-08 to $147.1 billion in 2009-10, and during COVID, when it went from $542.0 billion in 2018-19 to $817.0 billion in 2020-21. It has risen in every year but one since 2006-07, to $928.6 billion at 30 June 2025.
Does the national debt include state debt?
No. The states and territories borrow separately, and their debt comes on top: see state and territory debt above. Victoria's is the largest, at $165.3 billion of general government net debt at 30 June 2026, according to its 2026-27 Budget.
Is the debt clock accurate?
It's an estimate. It starts from the AOFM's latest month-end figure and grows at the rate the Budget projects. The real figure moves in steps as bonds are issued and repaid, so we check the clock against each new AOFM figure.
Sources
- 2026-27 Budget: Budget Paper 1, Statement 7 (Debt Statement) (opens in a new tab)
- 2026-27 Budget Paper 1, Statement 11, Table 11.5 (opens in a new tab)
- AOFM: Commonwealth Government Securities on issue (opens in a new tab)
- ABC News: Australia's national debt has hit $1 trillion (21 August 2026) (opens in a new tab)
- Victorian Budget 2026-27 (opens in a new tab)
- RBA: Statement by the Monetary Policy Board, 17 March 2026 (opens in a new tab)
- RBA: Statement by the Monetary Policy Board, 5 May 2026 (opens in a new tab)