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“The Federal Government’s debt ceiling could be raised to $400 billion in a bid to head off the financial tremors facing the US.

Treasurer Joe Hockey has used a speech in the US to signal the debt ceiling – currently $300 billion – would be increased to take account of the Government’s required borrowings.

Mr Hockey will have to increase Australia’s debt ceiling by Christmas. Total debt is expected to peak at $370 billion by April 2016.

Mr Hockey said yesterday the ceiling was likely to be well above the bare minimum required.

“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,” he said.

“It must be the case that debt limits should only be altered when unexpected significant events necessitate a call on the markets.”

The Federal Government yesterday sold $800 million in debt at an interest rate of 3.8 per cent, taking total debt on issue to $284.5 billion.”
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http://theaimn.com/2013/10/19/hockey-to-lift-debt-ceiling-by-33-and-the-hypocrisy-level-to-an-all-time-high/
 

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Australia has sold a bill at a negative yield for the first time in its history, accepting a bid for its 26 March 2021 Treasury note at a yield of -0.01 per cent. The weighted average issue yield was 0.0099 per cent, with the highest yield accepted being 0.015 per cent.

The Australian Office of Financial Management had tendered the note to raise $1.5 billion. The AOFM received a total of 58 bids worth $8.2 billion and 19 of those bids were successful with 10 bids allocated in full.

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