Australia’s government now has $1 trillion in debt. Four charts on how we got here and its cost

Mirza Kadic/iStock/Getty Images The Australian government’s debt has just hit A$1 trillion again. And, unlike when it briefly hit that mark for the first time in mid-August, this time it’s set to stay above $1 trillion and keep climbing. The federal government expects it to rise above $1.2 trillion by 2030, the equivalent of 35% of Australia’s gross domestic product (GDP) – seven times higher than it was a generation ago. If you also add in the debt from state and territory governments, the…