The budget and another few weeks of government borrowing allows me to update the facts on government debt. Without comment or analysis, here are the facts that you may wish to refer to the next time you hear a politician talking about trends in debt and deficit.
NET GOVERNMENT DEBT
At June 2016 (budget estimate): $286 billion Source: https://budget.gov.au/2016-17/content/bp1/download/bp1_bs10.pdf
At September 2013: $175 billion Source: https://www.finance.gov.au/sites/default/files/mfs-september-2013.pdf
Increase in net government debt under current Coalition government: $113 billion.
GROSS GOVERNMENT DEBT
Friday 13 May 2016: Value of government securities on issue (Gross government debt) was $434 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 [email protected]
Increase in gross government debt under current Coalition government: $161 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 government 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
