The federal government will be forced to lift its own self-imposed credit limit in the coming months as debt hurtles towards half-a-trillion dollars – almost double the number the Coalition inherited from Labor.
Gross commonwealth government debt has reached more than $474 billion after a sharp jump in recent weeks, leaving it just $26b short of the $500b debt ceiling set by former treasurer Joe Hockey three years ago.
Total government debt is now rising by $5.3 million an hour – or $126m a day – according to calculations performed by David Lawson, a commentator who runs the…
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