Australians cannot keep running up 'a natural credit card bill'

It is not good for the economy to keep running up a natural credit card bill, one industry expert has said.

People in Australia cannot keep running up a natural credit card bill, according to one industry expert.

Oliver Yates, of Macquarie - which provides investment, financial and banking services - stated that the country has amassed a debt of "preposterous proportions".

He added: "We have put this false economy into all of our minds that an increase in GNP is good, or an increase in GDP is good, and no one values the other side."

But Mr Yates suggested that no one is saying there is a debit to every Aussie credit and he believes something has to be done to bring a balance on credit cards together.

These comments come after Christine Milne, senator of the Australian Greens, noted that the recent budget announcement has reduced the economical debt, the Sydney Morning Herald reported.

However, this has had a detrimental effect on the ecological debt and the publication noted that the economy will not be kept apart from the environment for long.

By Mark Hornby