With just days to spare before the debt limit needed to be increased, the Australian Greens have struck a deal with the government to abolish the ceiling.

Once labelled “economic fringe-dwellers” by the Coalition, the Greens have stolen a march on the ALP by negotiating a deal that reshapes the debt debate and sidelines the Opposition.

Greens leader Senator Christine Milne told a media conference that the agreement allows for increased parliamentary scrutiny of government debt. An automatic ministerial statement and parliamentary debate will take place whenever a $50 billion increase in debt is undertaken. There is no provision for the parliament to disallow a debt increase. [Read more…]