Australian government debt
- Throughout this article, the unqualified term "dollar" and the $ symbol refer to the Australian dollar.
| Date (30 June) | Gross debt (A$ millions) |
|---|---|
| 2007 | 58,284 |
| 2008 | 60,462 |
| 2009 | 101,147 |
| 2010 | 147,133 |
| 2011 | 191,291 |
| 2012 | 233,976 |
| 2013[1] | 257,364 |
| Source: Reserve Bank of Australia[2] | |
The Australian government debt[3] is the amount owed by the Australian federal government. The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government.[4]
As of 28 February 2014, the gross Australian government debt was A$300,628 million; at 15 August 2014 it was A$326,552 million; and at 13 March 2015 it was A$361,085 million (A$361.085bn), an increase of AUD$2.051bn from 6 March 2015.[5] Australian government debt does not take into account government funds held in reserve within statutory authorities such as the Australian Government Future Fund which at 31 December 2014 held $109 billion. Australia's net international investment liability position (government debt and private debt) was $875.3 billion at 30 September 2014, an increase of $9.4 billion (1%) on the liability position at 30 June 2014, according to the Australian Bureau of Statistics.[6][7]
Australia's bond credit rating was rated AAA by all three major credit rating agencies as at December 2013.[8]
Contents
Latest budget forecast[edit]
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This section is outdated. (May 2014) |
2012 budget forecast[edit]
In May 2012, Federal Treasurer Wayne Swan released the 2011–12 Mid-Year Economic and Fiscal Outlook (MYEFO).[9] In 2011–12, the Australian Government general government sector recorded an underlying cash deficit of $43.7 billion (3.0% of GDP).[10] The fiscal balance was in deficit by $44.5 billion (3.0% of GDP).
Australian Government general government sector net debt was $164 billion (11.133% of GDP), which was $16.7 billion higher than estimated at the time of the 2012 Australian federal budget. The change was primarily driven by the higher‑than‑expected market value of Commonwealth Government Securities (CGS), owing to lower than expected yields.[citation needed] Australian Government general government sector net financial worth was -$358.3 billion at the end of 2011‑12. Net worth was $247.2 billion at the end of 2011–12.
Revenue[edit]
Total Australian Government revenue was $338.1 billion in 2011–12, $1.7 billion higher than estimated in the 2012–13 Budget.[10] Accrual taxation revenue was $316.8 billion in 2011–12, $325 million above the estimate in the 2012–13 Budget, which is in line with the variation in cash receipts.
Total non-tax revenue was $21.3 billion in 2011–12, $1.4 billion higher than estimated in the 2012–13 Budget. Non-tax receipts (excluding Future Fund earnings) were $17.3 billion, in line with estimates in the Budget. The largest component of the difference in outcomes between non-tax revenue and non-tax receipts (excluding Future Fund earnings) is the change in the accounting recognition of dividends from:
The Reserve Bank of Australia, a $500 million dividend has been recognised in 2011–12 instead of 2012–13, based on advice from the Australian National Audit Office; and The Australian Reinsurance Pool Corporation, reflecting a change to the timing of accrual revenue at Budget, with the full amount of $400 million being recorded in 2011–12 instead of over the forward estimates.
Debt ceiling[edit]
A debt ceiling on how much the Australian government could borrow was created in 2007 by the Rudd Government and set at $75 billion. It was increased in 2009 to $200 billion,[11] $250 billion in 2011 and $300 billion in May 2012. In November 2013, Treasurer Joe Hockey requested Parliament's approval for an increase in the debt limit from $300 billion to $500 billion, saying that the limit will be exhausted by mid-December 2013.[12] With the support of the Australian Greens, the Abbott Government repealed the debt ceiling despite the opposition of the Australian Labor Party.
The debt ceiling was contained in s.5 of the Commonwealth Inscribed Stock Act 1911,[13] until its repeal in December 2013.[14]
See also[edit]
- Australian federal budget
- Government budget
- List of sovereign states by public debt
- Taxation in Australia
References[edit]
- ^ OVERVIEW OF DEBT & ASSETS MANAGED BY THE AOFM
- ^ "Commonwealth Government Securities On Issue (E10)". Statistical Tables. Reserve Bank of Australia. Retrieved 3 February 2013.
- ^ Parliamentary Library Government debt
- ^ "Role and Function". Commonwealth of Australia. Retrieved 2 February 2013.
- ^ AOFM: Commonwealth Government Securities On Issue
- ^ "5302.0 - Balance of Payments and International Investment Position, Australia, Sep 2014". abs.gov.au. Australian Bureau of Statistics.
- ^ "Country Report Australia - Rabobank, Economic Research". Rabobank.
- ^ Michael Janda (21 December 2013). "Australian debt still AAA despite surplus miss". ABC News (Australian Broadcasting Corporation). Retrieved 2 February 2013.
- ^ Final Budget Outcome: Fiscal strategy and outlook. Australian Government. Retrieved 2 February 2013.
- ^ a b Final Budget Outcome: Australian Government Budget Outcome. Australian Government. Retrieved 2 February 2013.
- ^ The Age, 24 October 2013 - Debt ceiling - all because of West Wing?
- ^ The Age, 14 November 2013.
- ^ Commonwealth Inscribed Stock Act 1911, s.5
- ^ Commonwealth Inscribed Stock Amendment Act 2013
External links[edit]
 |
Wikimedia Commons has media related to Statistics about bonds in Australia. |
- Australian Office of Financial Management
- Katrina Di Marco, Mitchell Pirie and Wilson Au-Yeung: A history of public debt in Australia, Treasury, Commonwealth of Australia. (ca. 2011).
- Debt Statistics for Australia
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