Monday, 9 December 2013
Commonwealth Inscribed Stock Amendment Bill 2013; Consideration of Senate Message
I will come to that in a moment. These debt statements will include information about Commonwealth stock and securities on issue at the time of the report for the financial year to which the report relates and for the following three financial years. They include: the value of Commonwealth stock and securities, including their market and face value and their value as a proportion of GDP; the total expected interest expenses relating to the stock and securities; and a breakdown by maturity and interest payments of the stock and securities on issue at the time of the report. An additional debt statement will also be published should debt increase by $50 billion or more since the last debt statement or additional debt statement was made. These additional debt statements would set out the reasons for the increase in debt, including the extent to which the increase was caused by lower than expected revenue, higher than expected spending, capital purchases and/or, alternatively, grants to state and territory governments for infrastructure. In addition, debt statements and additional debt statements will facilitate a parliamentary debate on government debt. At a minimum a debate will be held twice a year and more often if debt is increasing at a rapid rate.
We commend the Greens for coming to the table with sensible proposals to enhance transparency. Before the member for McMahon gets up to speak I would just remind him of his own words in relation to dealing with the Greens. When he said on Saturday, 'Sitting down and doing a deal with, of all people, the Greens,' he was criticising us. Madam Speaker, I seek an extension.