Treasurer Joe Hockey Will Seek To Lift Australia's Debt Ceiling To $500 Billion

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Treasurer Joe Hockey says Australia’s debt ceiling will be lifted above the current $300 billion at the next sitting of the Australian Parliament.

“We will have to increase the debt limit to prevent Australia breaching the debt limit before Christmas,” Hockey says.

There had been speculation the debt ceiling would be lifted to $400 billion following a speech by Hockey in the US, where he said: “We believe the debt limit needs to be set at a level that provides sufficient headroom to accommodate likely events but also to provide discipline to budgetary management.”

However, Hockey said today legislation would be introduced to increase the cap to $500 billion.

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