Sunday 29 September 2013

So how is Federal Coalition Treasurer Joe Hockey managing Australia's national budget?


Joe Hockey as Opposition Shadow Treasurer in The Sydney Morning Herald, 17 May 2012:

''Labor has now sought increases in the debt limit of the Commonwealth from $75 billion to $200 billion, to $250 billion and now $300 billion. On each occasion they promise not to exceed the limit. Well, enough is enough - we are going to keep them to their promises''

Joe Hockey as Federal Coalition Treasurer in The Herald Sun, 28 September 2013:

Mr Hockey also said the Coalition would raise the $300 billion debt ceiling before Christmas ...


Here are the Abbott Government’s officially announced intentions to raise money from domestic/international sources: [updated 17.12.13]

18 September intends to borrow $800 million
20 September intends to borrow $800 million
25 September intends to borrow $800 million
26 September intends to borrow $1 billion
27 September intends to borrow $500 million
2 October 2013 intends to borrow $800 million
3 October 2013 intends to borrow $800 million
4 October 2013 intends to borrow $800 million
9 October 2013 intends to borrow $800 million
10 October 2013 intends to borrow $500 million
11 October 2013 intends to borrow $800 million
16 October 2013 intends to borrow $800 million
17 October 2013 intends to borrow $1 billion
18 October 2013 intends to borrow $800 million
24 October 2013 intends to borrow $1.5 billion
25 October 2013 intends to borrow $800 million
29 October 2013 intends to borrow $200 million
30 October 2013 intends to borrow $800 million
31 October 2013 intends to borrow $1 billion
1 November 2013 intends to borrow $800 million
6 November 2013 intends to borrow $600 million
7 November 2013 intends to borrow $1.5 billion
8 November 2013 intends to borrow $1 billion
8 November 2013 intends to borrow an additional unspecified amount

12 November 2013 intends to borrow $150 million
13 November 2013 intends to borrow $800 million
14 November 2013 intends to borrow $1 billion
15 November 2013 intends to borrow $800 million
21 November 2013 intends to borrow $500 million
22 November 2013 intends to borrow $800 million
26 November 2013 intends to borrow an additional unspecified amount
4 December 2013 intends to borrow $800 million
6 December 2013 intends to borrow $1.5 billion
10 December 2013 intends to borrow $100 million

11 December 2013  intends to borrow $800 million
13 December 2013 intends to borrow $700 million
15 January 2014 intends to borrow an additional unspecified amount
24 January 2014 intends to borrow $500 million
11 February 2014 intends to borrow an additional unspecified amount

In the first 128 days of the Abbott Government total borrowings from these sources will exceed $27.7 billion or over $216.4 million a day.

It would appear that the current Federal Coalition Government is borrowing at the same a higher rate as than the former Federal Labor Government. However, It has committed to raising the debt ceiling to $500 billion before 12 December 2013.

So there is no slowing down of the increase in the much dog whistled national debt since Joe Hockey became Treasurer - just as there is apparently the same downward trend in the rate of asylum seeker boat arrivals between the second Rudd Government and the current Abbott Government.

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