How Australia will take 30 years to pay off the coronavirus recession

An architect of Australia's never-ending string of Budget deficits fears it will take 30 years to pay off the debt from the coronavirus recession.

Economist Andrew Charlton said government debt levels had surged by $50,000 'for every working-age Australian' as a result of the COVID-19 shutdowns.

With gross government debt forecast to surpass the $1trillion mark by mid-June 2022, for the first time ever, Mr Charlton predicted it would take another generation to pay off and return the Budget to surplus.

'If we do something like that, even if we deliver to that level, this debt is going to take 30 years to pay off,' he told the ABC's 7.30 program on Thursday night.

Scroll down for video 

Economist Andrew Charlton said government debt levels had surged by $50,000 'for every working-age Australian' as a result of the COVID-19 shutdowns. The former adviser to Labor prime minister Kevin Rudd feared it would take 30 years to pay off the government debt

Economist Andrew Charlton said government debt levels had surged by $50,000 'for every working-age Australian' as a result of the COVID-19 shutdowns. The former adviser to Labor prime minister Kevin Rudd feared it would take 30 years to pay off the government debt

Mr Charlton was an economic adviser to Labor prime minister Kevin Rudd in 2009 when the Global Financial Crisis caused then treasurer Wayne Swan to renege on a surplus promise made a year earlier. They are pictured together at Parliament House in April 2010

Mr Charlton was an economic adviser to Labor prime minister Kevin Rudd in 2009 when the Global Financial Crisis caused then treasurer Wayne Swan to renege on a surplus promise made a year earlier. They are pictured together at Parliament House in April 2010

Mr Charlton was an economic adviser to Labor prime minister Kevin Rudd in 2009 when the Global Financial Crisis caused then treasurer Wayne Swan to renege on a surplus promise made a year earlier.

This ended a string of ten straight Budget surpluses stretching back to 1998.

The first-term Labor government delivered a Budget deficit of $54.8billion, which comprised 4.2 per cent of gross domestic product.

Treasurer Josh Frydenberg last year promised a Budget surplus of $7.1billion but the COVID-19 pandemic stopped the budget returning to surplus for the first time since 2007.

The Liberal Party's deputy leader, who once told Parliament - 'our government is too big' - this week delivered a Budget deficit of $213.7billion for 2020-21.

This would comprise 11 per cent of GDP, the highest since World War II.

PREV UK has its wettest day EVER: Enough water to fill Loch Ness fell during our ...
NEXT Troubled girl, 16, takes her own life on school grounds