Australian government seeks to raise debt ceiling to $300bn
SYDNEY - The federal government is looking to increase its debt ceiling by $50 billion even as it strives to pay back debt to return the budget to surplus.
The government's outstanding stock of public debt was about $235billion in March this year, up from $192 billion at the same time in 2011.
The increase of debt ceiling to $300 billion is part of efforts to provide liquidity to the Commonwealth bond market, which is crucial to supporting broader activity within futures and debt markets.
The government's projected surplus of $1.5 billion next year won't be enough to stop its outstanding borrowings pushing past the parliament's legislated debt ceiling of $250 billion.
As a percentage of gross domestic product (GDP), the net debt is expected to peak at 9.6 per cent in 2011-12, falling to 7.3 per cent in 2014-15.
Australia is one of just eight countries to have an AAA credit rating, an assessment underpinned by its low levels of debt
The government plans to raise the nation's borrowing ceiling is expected to spark a row with the opposition, which has made debt reduction a central plank of its electoral platform.
Shadow treasurer Joe Hockey said raising the debt ceiling to $300 billion would be four times higher than what it was in 2008.
"Australians are right to be concerned about handing (Deputy Prime Minister) Wayne Swan yet another increase in our nation's credit card limit," Hockey said in a statement.
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