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Debt ceiling[edit]
A debt ceiling on how much the Australian government could borrow was created in 2007 by the Rudd Government and set at $75 billion. It was increased in 2009 to $200 billion,[23] $250 billion in 2011 and $300 billion in May 2012. In November 2013, Treasurer Joe Hockey requested Parliament's approval for an increase in the debt limit from $300 billion to $500 billion, saying that the limit will be exhausted by mid-December 2013.[24] With the support of the Australian Greens, the Abbott Government repealed the debt ceiling over the opposition of the Australian Labor Party.
The debt ceiling was contained in s.5 of the Commonwealth Inscribed Stock Act 1911,[25] until its repeal in December 2013.[26]
I completely agree on reducing spending.
Remove ALL foreign aid saving ~$5B
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Just raise the fuel excise 50cents, page-52
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