For those living in Queensland, they might be getting the short end of the stick. According to recent budget reports made public, Queensland has projected debt levels of $85 billion by 2012 to 2013'the highest in any state in Australia for the next eight years. Clearly, the state has the sickest economy in the country. According to some computations, taxpayers will foot the staggering bill of almost $14 million a day, just to pay the interest.
These piling debts started to stem from borrowings made to boost infrastructure, which should follow more jobs and spending money for Queenslanders. However, opposition leaders see the move as like having debts on credit cards, and not mortgages, as some state officials would like to put it. The government also plans to sell Queensland's public assets, which will amount to $15 billion to partly cover the huge debt. The assets include the Port of Brisbane and the coal freight business. Still, John-Paul Langbroek, one of the outspoken opposition leaders of Queensland, remarked that the sales do not represent well the best interest of the people. He added, 'It's like selling your house at the bottom of the property market to pay off your maxed-out credit card.'
However, the Queensland government is doing all it could to keep the economy afloat in these financially hard times. According to Treasurer Andrew Fraser, the government has set aside $18 billion capital works program that would support more than 120,000 full time jobs. The program is about building roads, schools, hospitals, and housing, since it is projected the jobs will also draw in about 2,000 families to Queensland each week. The Treasurer emphasized that the budget's task is two-fold, 'to support the economy during this time of need, and to chart a course for the future beyond these dark hours.'
Indeed, both the employed and the unemployed are feeling the financial pinch. Most are laden with credit card debts and are at the brink of filing bankruptcy. However, there is a light at the end of the tunnel, so to speak. Online money lenders are offering bad credit rating loans to those who have default marks in their credit history. These services are good sources of credit, particularly when traditional lenders tend to deny applicants with defaults. For those employed and are having problems making ends meet, they could take out faxless payday loans against their paychecks, instead of maxing their credit cards and incurring bad debts.
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