The Australian Government Will Scrap The Debt Ceiling This Week After Signing A New Deal With The Greens

The Government will abolish Australia’s $300 billion debt ceiling this week after cutting a deal with the Greens today.

Treasurer Joe Hockey has sought to lift the debt ceiling since October.

As of this Monday, the Government was only $3.9 billion from the existing debt ceiling and was due to break through the limit next week.

The AFR reports that the deal will be passed by the Senate before Parliament rises tomorrow.

The Greens have required that the Government include a debt statement – including how much it is spending on climate change – in all economic updates, including the Budget and MYEFO.

“The phoney debt ceiling is little more than a political weapon and only a pretence for genuine checks and balances,” Greens Leader Christine Milne explained.

“The Coalition now has no excuse for deeper budget cuts. The threats must end now.”

There’s more on The Fin.

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