Editing Economy of Australia (section)

===Australian national debt===
[[File:Australia bonds.webp|thumb|Australia bonds
{{legend-line|#012169 solid 3px|30 year}}
{{legend-line|#61D836 solid 3px|20 year}}
{{legend-line|#929292 solid 3px|10 year}}
{{legend-line|#F8BA00 solid 3px|5 year}}
{{legend-line|#FF2600 solid 3px|2 year}}
{{legend-line|#73FDEA solid 3px|1 year}}
]]
{{Further|Australian government debt}}
Australia's net external debt exceeded $1&nbsp;trillion in April 2017 as a result of Australia's structural [[Current account (balance of payments)|current account]] deficits.<ref name="AusDebt">{{cite web|url=https://www.smh.com.au/business/the-economy/australias-1-trillion-foreign-debt-level-should-worry-us-all-20170407-gvfsqq.html|title=Australia has $1&nbsp;trillion foreign debt. Should we be worried?|work=The Sydney Morning Herald|date=8 April 2017|access-date=8 August 2017}}</ref> Although these deficits have narrowed over the last decade due to an increase in net merchandise trade, this effect has been partly offset by the return of Australian government debt; net federal debt was estimated at $326.0&nbsp;billion in the 2016–17 [[Australian federal budget|federal budget]]<ref>{{cite web|url=http://www.budget.gov.au/2016-17/content/bp1/html/bp1_bs6-01.htm|title=Budget Paper No.1 2016–17|publisher=budget.gov.au|access-date=8 August 2017|archive-url=https://web.archive.org/web/20171213132022/http://www.budget.gov.au/2016-17/content/bp1/html/bp1_bs6-01.htm|archive-date=13 December 2017|url-status=dead}}</ref> of which 60% is owed to foreigners.<ref name="AusDebt"/> The entirety of the debt has been accumulated through ten straight budget deficits as Australia had negative net government debt (i.e. The Australian government had net positive bond holdings) a decade earlier in the 2006–07 fiscal year.<ref>{{cite web|url=http://www.budget.gov.au/2006-07/overview/html/overview_06.htm|title=Australian Government is now debt free|access-date=8 August 2017|archive-url=https://web.archive.org/web/20171004015341/http://www.budget.gov.au/2006-07/overview/html/overview_06.htm|archive-date=4 October 2017|url-status=dead}}</ref>