Australia to raise debt limit by two-thirds

15:19 • 23.10.13
Economy

The Australian government has said it plans to raise the country's debt limit by two-thirds to allay concerns it could face a future fiscal crisis, BBC News reported.

The newly-elected conservative government is looking to raise the borrowing limit to A$500bn ($486bn; £300bn).

Australia is forecast to reach its current A$300bn ceiling in December.

Treasurer Joe Hockey said that he wanted to avoid a crisis similar to the recent US fiscal emergency.

"The debt limit needs to be set so as to provide sufficient headroom to ensure there is stability and certainty for the financial markets about the government's capacity to finance its operations for the foreseeable future," Mr Hockey said.

"We need not look any further than the recent events in the United States to realise how imperative for stability and certainty is for confidence."

Earlier this month, the US government was partially shutdown for 16 days after the Democrats and Republicans were unable to reach an agreement over the country's budget and raising the debt ceiling.

The situation was resolved last week after Congress hammered together a last-minute deal to temporarily raise the debt limit until the end of the first week of February 2014.

However, financial markets were rattled by the US political deadlock, which brought the country closer to the possibility of defaulting on its debts.

There was little reaction in the Australian financial markets to Tuesday's announcement.

 

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