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Treasury gets nod for $500 Billion debt.


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Treasurer Joe Hockey has given a directive to borrow $500 billion, in line with the government's unsuccessful bid last year to set the debt limit at that level.

Mr Hockey's directive relating to government borrowing was officially gazetted on January 22.

"I direct that the maximum total face value of stock and securities that may be on issue is $500 billion," Mr Hockey states.

The directive expires on April 1, 2024.

The government tried to set the debt cap at $500 billion in 2013, but Labor would not agree to it.

Subsequently the coalition reached a deal with the Greens to abolish the debt cap altogether.

The Treasury has now borrowed $500 billion consistent with the government' initial position.

 

http://au.news.yahoo.com/thewest/a/21085919/treasury-given-nod-for-500-billion-debt/

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