From the Australian Office of Financial Management (AOFM), 30 March 2012:
Debt ceiling?
$250 billion.
Typical weekly borrowings?
Around $2 billion.
With any luck, the government will just make it to the May budget before hitting the debt ceiling.
Again.
So you can be certain that, just like last year, there will be a little piece of legislation quietly slipped into the May budget, to raise the debt ceiling.
Again.
For the fourth time in five years.
Looks like I was right:
2 November 2011 – “Australia On Target To Hit Debt Ceiling By Mid-2012”
13 March 2012 – “Australia Debt Ceiling Hit By June”
Oh yes … did I forget to mention that on latest RBA figures, around 84% of our debt is owed to “non-residents”?
UPDATE:
Thanks to Kelly in comments who correctly notes that the title should read “$17.15″ billion till credit transaction declined, as the actual amount issued subject to the Commonwealth Inscribed Stock Act 1911 is $232.85 billion, as noted in the fine print in the last line of the screenshot above. Of course, this begs the question “what kind of debt instrument have they issued to the value of $4.59 billion, that is not subject to the Act”? My first guess would be bonds used to finance the NBN, which I seem to recall reading will be listed Off Balance Sheet in the Budget (to achieve that “surplus”, you see).
Barnaby Is Right 
BI
It is the number down the bottom so it is 17.15Bn then declined.
Thanks Kelly, lazy quick posting on my part.
I’m noticing the word “treason” being used more these days when referring to bankers,bureaucrats and politicians.
Corrupt politicians in bed with merchant and central bankers.
Julia (et al) is running up the debt as fast as she can so that when the next slowdown occurs,(later this year, if not already) we will be on our financial knees, ready to be asset stripped for pennies on the dollar.
Anyone heard of Greece?
It’s the same gameplan.(without olive oil). It’s just a variation on a successful formula that has worked for centuries.. PUMP AND DUMP. Pump up the markets, suck in the sheeple, exit your own positions before everyone else, crash everything and then buy the hard assets for a fraction of their worth.
Farms, mining companies, banks, food distribution, energy, airports, power grids, water rights, anything essential and productive.
Standard Rothschild Operating Procedure. Wreak economic havoc via debt. And the foreclose!!
Barnaby is right. We as a nation ARE under a very sinister attack.
The only problem with your conspiratorial analysis is that it leaves out a far simpler explanation – gross ignorance.
Corrupt politicians have been in bed with central bankers, for as long as there has been central banks, some hundreds of years, since the central bank IS the government bank. Nothing new there.
As long as people remain so ignorant nothing will change. The central bank, so government, is well past insolvent, yet government, so central bank credit, still trades ‘money good’.
It is alchemy but there seems to be nothing the ignorance of others can not achieve for the government & its acolytes. Look behind the curtain or suck it up.
Hey Two Dogs,
I’m WAY past giving them the benefit of the doubt, as to whether they are just plain stupid or evil. How many insanely expensive and destructive policies do we need to see before we realise that it CAN’T just be that they’re just grossly ignorant and/or stupid.
There has to be another explanation.
I’m still pinching myself that we really do now have a Carbon Tax Thing to slow down Climate Change… Come on. The world has gone bloody mad.
While I agree with your main point about central bank credit being “money good”, I do not agree with the comment “government and its acolytes”, which implies that it is politicians who pull the strings in the mutually-beneficial “relationship” between politicians and central bankers. There is plenty of evidence, over centuries, to indicate that it is central bankers who pull the strings. A politician who does not “cooperate” will have his career curtailed, by one means or another; a politician who does cooperate, will enjoy numerous “benefits”. In my view, the key understanding for the “ignorant” to be shown, is that their politicians do NOT ultimately have total control over the nation’s finances (witness our own politicians alternately making public obeisance to, or blaming the “independent” Reserve Bank when it suits their political interests, as case in point). Then perhaps, the majority will begin to wake up, and dig deeper, and eventually see the fuller picture of how “government” and “money” really works (against their best interests).
To label someone as a “conspiracy theorist”, or their views as “conspiratorial”, is a (often unconscious) means of branding someone and/or their views as not worthy of consideration, and ultimately, to try to shame them into self-censorship. Personally, I find the common use of the label to be close-minded, ignorant, and (usually with deliberate intent) offensive.
In my personal view, on the simplest level, if any two (or more) people (especially if in positions of power over others) collude in order to benefit either one or both, or a third party, through illegal and/or immoral means, or, to bring about a negative impact on others, then that is an act of conspiracy … corruption … injustice … immorality … and/or similar “labels”.
No, completely conscious. This ‘Rothschilds’ thing is conspiratorial i.e. it’s the jews. No doubt jews constitute people in high places but it is the government who propose & vote on the ‘laws’. Central banks everywhere operate under government charter.
I believe Mr Serf has also misconstrued what I’ve written. THEY are not ignorant, no sir. People in the treasury & central bank know the deal, even if many of the elected politicians don’t. The ignorance is us, as in the ordinary citizens.
JMD, have you seen the piece from last year, via Business Spectator, on how the political parties in Oz get funding to run their election campaigns … via bank loans?
I don’t think anyone is arguing that governments do not vote on the laws. The key issue being raised, by many, over many centuries, is what influence banks (and espec. central banks, who provide the “money good”
creditdebt supply) have on politicians in their decisions on what exactly to propose, and what to vote for/against. Like … those government charters (to have an “independent” central bank in the first place) that you mention.One only need look at the USA in recent years to see clear evidence that the politicians do as they are told, by banks.
I see exactly the same scenario here, with the CO2 derivatives scam legislation and my argument with bankster team cheerleader Saul Eslake here on this blog a classic example.
FWIW, I did not see anyone raising the issue of specific bank/s, or specific cultural groups, in this particular discussion, until your own comment. Rightly so .. IMO that topic is very much secondary to the base issue of greatest import (is it politicians, or bankers, that pull the strings).
Hey JMD,
Please don’ insinuate anti-semitism on my part. Only anti-Banker. Specifically, anti Central & Merchant Banker. (and anti CORRUPT politician)
In my travels around the globe over many years, I’ve found people at grass roots level to be kind, hospitable, curious and friendly. Jews, Moslems, Christians, Hindus,etc.. (I got really crook in Tunis many years ago, and some little kid took me home for his mother to take care of me until I stopped vomitting) I count as life-long friends an Aussie Jewish guy who married an Israeli girl and brought his family back to live in Oz)
People are basically OK. Most of them, anyway,
It’s just that they get manipulated and whipped up into a frenzy when it suits certain controlling interests.
So I agree with you that it is the ignorance of the public which is a problem. But not the main enemy. It’s the people who devised and control the modern banking SYSTEM.
Rothschilds are bankers who just happen to be Jews. Not the other way round. They financed Hitler. Hitler murdered many Jewish people. They got Israel out of the holocaust. Rothschild funded the creation of Israel and paid for their Parliamentary building. Whose LEADER is now screaming at the Persians about nukes, when they themselves have a couple of hundred? Draw your own conclusions.
“In my travels around the globe over many years, I’ve found people at grass roots level to be kind, hospitable, curious and friendly. Jews, Moslems, Christians, Hindus,etc..”
Precisely my experience too, TS. It is my view that most “ordinary” people simply wish to be left in peace. Arguably the most valuable life experience anyone can attain, is to travel alone in a nation/s where you do not speak a word of their language, nor they yours.
We “ordinary” folk are one.
Sorry JMD,
Too deep for me.
You seem to be in a feisty mood. Just remember…we’re on the same side…
And yes, it’s alchemy..it’s meant to be complicated. That way, we mere mortals will never work it out.
Oh, and as regards “the curtain”, I have looked behind it and I don’t like what I see.
You seem to be very technically informed. I tend to approach this/these issues more from a “human nature” perspective, but I guess I’m probably a bit older than you.
“You seem to be very technically informed”
I’ll let you in on something… it’s not complicated. Money is special. It is the only thing on this earth that you can never have enough of, it extinguishes ALL debt. That is to say, if you have enough money, you can have everything you desire. If you have everything you desire, are you not akin to a God?. If you control money you control everything. Money is power.
Government controls money with a vice like grip, but is it any wonder? Unless you understand this you are as good as lost. The government & its monopoly of money is the source of your problem. Blaming the Rothschilds will get you nowhere.
OK, JMD. (Posted at 2.21am-don’y you sleep?)
I think it boills down to this. What came first? The chicken or the egg. The Banker or the Corrupt Politician?
I’m suggesting the Bankers followed very closely by the corruption of politics and key politicians.
Get control of the printing(and now digitising) of the money supply (a la The Federal Reserve System which is now international) then get control of the Banking system, promote the expansion of the Fractional Reserve concept so that today there are practically no reserves. (i.e. UNLIMITED LEVERAGE) As you say “money is power” and I agree, use some of that power to “encourage/influence” certain key individuals (in politics and “economic think tanks- guys like Saul Eslake, Ross Garnaut,etc) to “promote” certain policies which will further promote the financial (power) interests of your organisation.
Now about this Money and God issue. that’s a stretch. If you have control of everything, you’re not a God. You’re a Dictator.
Government or Banks. Who controls who??
Try voting for the next CEO of Westpac or the CBA or better still, the next RBA Governor!!
Who’d YOU vote for in the last Federal or State election?? (No answer necessary, obviously) And I know you voted because it’s COMPULSORY here.
Anyway, thanks for your stimulating commentary.
Vive la Revolution!!
Agreed TS, “stimulating” commentary.
I believe there is a simple, obvious solution to this “chicken” or “egg” dilemma – we all need to become both. Individually.
You still haven’t grasped the concept Mr Serf.
Money is SPECIAL, it extinguishes ALL debt. If you have enough money, you can have EVERYTHING you desire, how is this not akin to a God, at least as close as a human will ever be? There is nothing else on this earth like money. The power over money is the power of the Gods. Why do you think whose who have the power over money so jealously guard it? And sorry, that includes the LNP, I don’t see the LNP advocating the repeal of legal tender laws.
To dismiss it as fantasy, to remain ignorant, is your loss. That was my original point, the ignorance is pervasive. The government is engaging in alchemy, turning bad debt into gold & you blame the Rothschilds. If the government had not ‘guaranteed’ the bad debts of the financiers in 2008 where would these Rothschild types be? So who controls who?
Me vote!? What do you take me for, an ignorant fool? I understand that alchemy is fraud, few others seem to.
Whilst not wishing to be drawn into what appears to me to be a somewhat circular and largely irrelevant debate, I would draw attention to and comment on this one sentence:
“If the government had not ‘guaranteed’ the bad debts of the financiers in 2008 where would these Rothschild types be?”
Indeed. Which begs the question, why would the “government” be so beneficent towards the financiers? Could it be that they were bribed, blackmailed, or otherwise coerced?
I’m with TS on this “chicken vs egg” topic, JMD. The 3rd party “financiers” are not needed – they are a parasite, granted legal authority to hold exclusive licence over issuance of legal tender (“currency”), and “money” at interest (ie, rule the world), by crooked and/or weak, self-interested politicians. An elected government could, given necessary knowledge, morality and courage, dispense entirely with “independent” central banks, and commercial for-profit banks, and instead operate a completely transparent, usury-free currency system as a public service, for the benefit of the people. The fact that some politicians, indeed, many, have tried to do this in the past, those most successful at the cost of their own lives, should be sufficient evidence of itself to cause one to pause and consider just who are the puppeteers, and who the (willing) puppets.
EDIT: A clarification – When I say “and largely irrelevant debate” above, I say this from the specific (and personal) perspective that I believe both politicians and financiers are (a) co-contributors to myriad heretofore intractable evils / sufferings, (b) are unnecessary, parasitical appendages to human society, and (c) should be dispensed with entirely. I hope no reader will misunderstand my comment as implying that details should not be debated – merely that I think the debate to be superfluous if one’s basic position, per my own, is that we should do away with both the “chicken”, and the “egg”.
“An elected government could, given necessary knowledge, morality and courage, dispense entirely with “independent” central banks”
Sure they could TBI but I’ll bet you they won’t, & why? As I’ve already said, the power over money is the power of Gods.
The government has it & will do what ever it takes to keep it, until the day it loses it all together.
It is essentially no different to ages past when Kings declared they ruled by divine right, that their power was given to them by God.
I couldn’t have said it better!!!!!!!!!!Living in Greece we have gone through this planned destruction with no return.Australia wake up!!!!!!!!!!
Some bozo in the SMH wrote an article complaining about Swan’s “crazy” obsession with getting into surplus! I didn’t even read it because I didn’t want to give it a hit. We hav lunatics screaming at Swan to spend more! WTF?!!!!!?!
I’ll say again….WHAT…THE…FLOCK?!?!?!!!
Some people won’t be happy until we’ve exceeded Greece in economic suicide.
Couldn’t agree more BI, i.e. Banksters and Pollies being an unnecessary burden on society. One day, who knows, but in the meantime, we need to deal with them and attempt to minimise their negative impact in our lives..
I am doing this by attempting to advise my immediate circle of influence to remove themselves from the Bankstering System as much as possible. Get out of Super Funds, sell shares, go to cash, (then convert to your favourite metal) minimise exposure to DEBT if possible, learn new skills, educate oneself, etc.
Why is cash called “currency”?”
Because it is “currently” money.
Reading the comments above the conversation is who has power etc. The politicians have enormous power collectively and do change the direction of countries. The reason for this is probably not that they are evil but more along the lines of political expediency and being power hungry. What is the best way to get votes? Run a scare campaign of course and add to that if you are talking about debt tell people that giving them money is good. Evidence of this is in how differently countries spend their money. The US uses the scare campaign of we will be invaded every presidential election that is why they have a military that is 5 times the size of ours on a per capita basis and around 75 times the size of ours in absolute terms. So the politicians in that country have managed to scare the living daylights out of people about small countries on the other side of planet invading them which has about as much logic as the carbon tax. The ALP have done it with the carbon tax trying to scare the living daylights out of us that our agriculture is going to collapse and the cities will be flooded even despite there being no evidence for that. It is fortunate though that objections to the carbon tax now seem to outnumber those for it so we hopefully will stop it within 2 years of it starting. No end in sight for US military spending. With both sides of politics in Australia they always run down the health system if in opposition and if you listened to the rhetoric you would think Australia has a bad health system but it is one of the best in the world cost wise and outcomes. With the issues in QLD about pay, employee standards and fraud it was about management not the system as such. It may not be perfect as it never can with issues like remote areas, but it is dam good so don’t mess with it in any major way and stop making people think things are bad when they are not.
The 15 April 2012 bond line matured today giving the government an extra 13.5billion buffer, so now its 17.5+13.5 till we hit the ceiling, you guys are not doing yourself a favour when it comes to debt, simplistic analysis. Do you pass any of this by Matty (Barnaby’s advisor) he has a treasury past and may have more of a clue?
Oh WOW Paul! How positively thrilling. A whole extra $13.5 billion “buffer”, you say? With a government that has been borrowing in the order of $2 billion per week, a continuation of which means roughly an extra 2 months “grace” till the debt ceiling will be raised. Again. Given that the government is tracking for a blowout in their original 2011-12 budget forecast of +$20 Billion this year alone, I for one have a deep reluctance to get excited.