Election Facts: Government debt

Tue, 19 Apr 2016  |  

I’ve got a feeling that the facts of government debt and deficit will be ignored or distorted in much of the debate in the lead into the 2 July election.

Here are the facts on the level of gross and net government debt with all of the sources outlined for those wanting to dig into the details.

I will update these numbers usually weekly as the government continues to borrow to fund its deficit.

So when you hear someone making stuff up about government debt, refer them to this page.

NET GOVERNMENT DEBT

At September 2013:    $175 billion Source: https://www.finance.gov.au/sites/default/files/mfs-september-2013.pdf 

At February 2016 (latest):   $288 billion Source: https://www.finance.gov.au/publications/commonwealth-monthly-financial-statements/2016/mfs-february/ 

Increase in net government debt under current Coalition government: $113 billion.

GROSS GOVERNMENT DEBT

Friday 15 April 2016:    Value of government securities on issue (Gross government debt) was $424 billion. Source: aofm.gov.au 

Friday 6 September 2013:    Value of government securities on issue was $273 billion Source aofm.org,au plus calculations from Market Economics, available on request. Call AOFM 0262631111 or email This email address is being protected from spambots. You need JavaScript enabled to view it. 

Increase in gross government debt under current Coalition government:  $151 billion. 

END NOTES:

On 15 June 2016, there will be $15.9 billion of bonds maturing which will temporarily lower gross government debt.

When the Coalition lost the 2007 election, net governement debt was negative - ie, it had financial assets of $28 billion (as at 31 October 2007)  Source: https://www.finance.gov.au/sites/default/files/mfs_oct2007.pdf 

When the Coalition lost the 2007 election, gross government debt (government securities on issue at June 2008) was $59 billion.  Source: https://archive.treasury.gov.au/documents/1321/HTML/docshell.asp?URL=06_appendix_b.htm 

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