🇦🇺 Australia

Public Sector Debt · 2026

Total Debt

54.4%

of GDP

Global Rank

#110

of 192

Interest Burden

of govt revenue

S&P Rating

AAA

Credit rating

SOE Debt

+3.6%

2 categories

Sovereign Wealth

10%

of GDP in SWF assets

5yr Change

-8pp

improving

Where the Debt Sits

Central Government

Subnational

Central Government: 38.4%Subnational: 12.4%Energy SOEs: 2.4%Infrastructure: 1.2%

Who Holds This Debt

Holder Breakdown

Domestic 48%

Foreign 52%

Domestic: 48%Foreign: 52%

Currency Denomination

Local 100%

Local currency: 100%Foreign currency: 0%

Full Debt Breakdown

Central Government38.4% of GDP

Treasury Bonds (nominal)IMF WEO — General Government DebtFixed-rate. ~91% of AGS. RBA holds ~27%.

34.9%

Treasury NotesIMF WEO — General Government DebtShort-term discount. Cash management.

1.9%

Treasury Indexed BondsIMF WEO — General Government DebtCPI-adjusted. Small but growing.

1.6%

Subnational / Regional12.4% of GDP

SubnationalIMF WEO — General Government Debt

12.4%

Energy SOEs2.4% of GDP

State water & energy utilitiesABS Government Finance Statistics→State-owned water (Sydney Water, Melbourne Water), energy (Snowy Hydro, Ausgrid pre-privatization), and port authorities.

2.4%

Infrastructure SOEs1.2% of GDP

NBN Co (National Broadband Network)NBN Co Annual Report100% government-owned. Built Australia's national broadband infrastructure. ~A$30B invested.

1.2%

Total Corporate Debt62.0% of GDP

Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Total NFC credit.

62.0%

Household Debt113.2% of GDP

Household debtBIS Credit Statistics Q3 2025Among highest globally. Housing market driven. CMHC backstop.

113.2%

Unfunded Pension Liabilities90.0% of GDP

Public pension unfunded (Age Pension + public super)ABS, Treasury Intergenerational Report 2023Age Pension ~60-70% GDP (flat-rate, means-tested) + public sector super unfunded ~15% GDP. Low relative to peers due to mandatory funded superannuation (~170% GDP).

85.0%

Public sector super unfunded (net of Future Fund)Dept of Finance CSS/PSS Report 2023; Future FundSuper system ~180% GDP fully funded. CSS/PSS declining.

5.0%

All Layers Total319.6%