The so-called "budget emergency" fear instilled by the Coalition parties prior to the election has been downgraded to, well, much ado about nothing. By the government's own lack of action, debt are deficit are issues that have been left unchecked and it seems will only be dealt with in the budget which is still more than a month away.
The $64.15 billion of borrowing obviously overstates the increase in gross debt over the past 7 months as some of that borrowing was to cover maturing T-Notes and bonds and short-term liquidity issues in the banking system.
Netting these out, the level of gross government has increased by $40.8 billion since the election and now stands at a record $313.1 billion.
Gross debt was $272.3 billion at the time of the election.
So much for paying down debt!