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|Date (30 June)||Gross debt|
|Source: Reserve Bank of Australia|
The Australian government debt 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. Australian government debt consists of Commonwealth government securities, that is, treasury bonds, treasury indexed bonds, treasury notes and infrastructure bonds.
Movement in government debt is affected by government budget deficit or surplus, as well as a change in the market value of government securities.
|This section is outdated. (May 2014)|
In May 2012, Federal Treasurer Wayne Swan released the 2011–12 Mid-Year Economic and Fiscal Outlook (MYEFO). In 2011–12, the Australian Government general government sector recorded an underlying cash deficit of $43.7 billion (3.0% of GDP). 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. 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.
Total Australian Government revenue was $338.1 billion in 2011–12, $1.7 billion higher than estimated in the 2012–13 Budget. 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.
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, $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. With the support of the Australian Greens, the Abbott Government repealed the debt ceiling despite the opposition of the Australian Labor Party.
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