Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

Thank you, Mr Acting Deputy President Ludlam. I know your position is still in some doubt going forward, but it is good to have you here today to preside over this important debate. This is a very important debate, and I am glad that we are having a debate on the subject of the debt ceiling. I want to begin by thanking those senators who have contributed to this debate on the Commonwealth Inscribed Stock Amendment Bill 2013. I am sorry that more senators did not have the opportunity to contribute, but there is some urgency in the bill before this place.

Schedule 1 proposes an increase to the legislative limit on Commonwealth government securities on issue from $300 billion to $500 billion. This legislation must be passed urgently, as the legislative limit is expected to be reached in December 2013. We are coming up to the limit of $300 billion in a very short space of time. The face value of Commonwealth government securities on issue was expected to reach $370 billion in 2015-16, as at the 2013-14 Pre-Election Economic and Fiscal Outlook. Current trends suggest that the peak face value of Commonwealth government securities on issue will exceed $400 billion.