Treasurer Joe Hockey has ordered Australia's debt limit be set at 500 billion dollars. Source: AAP
TREASURER Joe Hockey has given Treasury authority to borrow $500 billion, in line with the government's unsuccessful bid last year to set the debt limit at that level.
Mr Hockey's directive relating to government borrowing was officially gazetted on January 22.
"I direct that the maximum total face value of stock and securities that may be on issue is $500 billion," Mr Hockey states.
The directive expires on April 1, 2024.
The government tried to set the debt cap at $500 billion in 2013, but Labor would not agree to it.
Subsequently the coalition reached a deal with the Greens to abolish the debt cap altogether.
The Treasury now has authority to borrow 500 billion dollars, which is consistent with the government's initial position.
A spokesman for Mr Hockey said the decision was in line with the legislation passed in December and "satisfied funding and operation requirements".
Shadow treasurer Chris Bowen told AAP on Monday the decision followed the extraordinary deal between the Liberals and the Greens to deliver the Greens' policy of no debt limit.
"The Hockey-Milne deal on no debt limit has ensured the economic fringe dwellers are at the centre of economic policy and decision-making in this country," Mr Bowen said.
"It doesn't matter what regulation Joe Hockey signs, this deal ensures he can run up unlimited government debt."
The mid-year economic review released last year forecast debt to rise from $310 billion in 2013/14 to $460 billion by 2016/17, and $667 billion by 2023/24 if the budget is not brought under control.
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