The coronavirus pandemic’s economic fallout includes the fiscal cost as measured by budget deficits and the growth of public debt — as federal and state governments matched their public health restrictions with massive economic support and stimulus. Much attention has since been given to the implications for the state of the economy, inflation and the sustainability of the public finances.

This report provides an update of the public debt situation and outlook based on the latest available official estimates as published in the various governments’ 2023/24 budget mid-year reviews.

The main purpose of this report is to update the data, rather than to make judgements about fiscal sustainability. Most assessments independent of government appear to be that current levels of debt are sustainable.