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The net government debt is gross government debt less its financial assets, which is often expressed as a percentage of Gross Domestic Product (GDP) or debt-to-GDP ratio. As of 31 August 2021 the total gross Australian government debt outstanding was A$834 billion, an increase of about A$273 billion from before 31 December 2019. [ 4 ]
The Constitution Alteration (State Debts) 1928, [1] was an amendment to the Australian Constitution approved by referendum on 17 November 1928. It concerned financial relations between the federal level of government and the Australian states. It became law on 13 February 1929.
[6] [7] If an institution covered by the scheme were to collapse, the Australian Government would, at its discretion, issue debt securities that would be subject to US laws and financial regulations. [7]: 3 As of 2020, Australia has yet to issue any securities related to the deposit guarantee scheme through the entity. [8] [9]
Upon the establishment of the Commonwealth of Australia, the federal government was given the power to assume any pre-existing debts held by the state governments at that time. The Act altered section 105 of the Constitution to extend this power so that the Commonwealth could take over any debts incurred by a state at any time.
The Loan Council is an Australian Commonwealth-state ministerial council that coordinates public sector borrowing, [1] comprising the Commonwealth of Australia and the states and self-governing territories, New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania the Australian Capital Territory, and the Northern Territory.
Debt Conversion Agreement Act 1931 1931 (No. 14) No Debt Conversion Agreement Act (No. 2) 1931 1931 (No. 52) No Deceased Soldiers' Estates Act 1918 1918 (No. 44) No Deer Export Charge Act 1992 1992 (No. 31) No Deer Slaughter Levy Act 1992 1992 (No. 30) No Deer Velvet Export Charge Act 1992 1992 (No. 28) No
The name of the government in the Constitution of Australia is the "Government of the Commonwealth". [15] This was the name used in many early federal government publications. [16] However, in 1965 Robert Menzies indicated his preference for the name "Australian Government" in order to prevent confusion with the new Commonwealth of Nations. [17]
The plan required the Australian Federal and State governments to cut spending by 20%, including cuts to wages and pensions and was to be accompanied by tax increases, reductions in interest on bank deposits and a 22.5% reduction in the interest the government paid on internal loans.