| By chief political correspondent Emma Griffiths Treasurer Joe Hockey says the Federal Government is increasing the Commonwealth debt limit by $200 billion to provide "stability". Mr Hockey announced the increase after federal Cabinet met today to consider the debt limit issue and the details of the government's commission of audit. He said the debt limit was being increased from $300b to $500b because the Government wanted to put the matter "beyond any doubt", particularly in the wake of the recent debt limit crisis in the United States. "We are increasing it to that level because I've been advised that on December 12, the current debt limit of $300b will be hit," he said. More » |
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