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Government Increases Debt Limit, Announces Commission Of Audit

Oct 22, 2013

The Abbott government has increased the debt limit from $300 billion to $500 billion and announced a Commission of Audit.

At a press conference in Canberra today, Treasurer Joe Hockey said that Commonwealth Government Securities on issue would reach $379 billion by 2015-16 and that peak debt will now exceed $400 billion.

He said advice from the Australian Office of Financial Management is that “it is prudent to maintain a buffer of $40-60 billion”. The government will legislate to increase the Commonwealth Government debt limit to $500 billion. [Read more…]

Filed Under: Abbott, Audio, Budget, Economy Tagged With: , , ,