In the overnight Australian press: Government debt level to hit $500bn Australian Financial Review(gated):
- The federal government’s debt is expected to blow out to more than $500 billion, according to Treasurer Joe Hockey
- revealed the new forecast in Parliament on Tuesday
- Economists predict the 2013-14 deficit will be at least $45 billion, 50 per cent higher than the $30 billion foreshadowed during the federal election.
Next week Mr Hockey will release the government’s mid-year economic and fiscal outlook, known as MYEFO, which will report that the economy is locked into below-average growth, joblessness is worsening and commodity prices are falling.
The MYEFO is expected on Tuesday
