25th Jun 2012, 9:35 PM – Senate Appropriation Bill (No. 2) 2012-2013 - Second Reading - Increase debt limit

The majority voted in favour of a motion that part 5 clauses 18 and 19 stand as printed. In other words, that part 5 clauses 18 and 19 remain unchanged.

Clause 18 amends the Commonwealth Inscribed Stock Act 1911 to raise the debt limit from $250 to $300. Clause 19 is concerned with the application of Clause 19.

This motion was put after Liberal Senator Mathias Cormann moved a motion that those two clauses be opposed.(Read Senator Cormann's explanation for his motion and the associated debate here. )

Background to the bill

The purpose of the bill is to appropriate money out of the Consolidated Revenue Fund for certain expenditure.(Read more about appropriation bills and what they do more generally here. ) It also amends the Commonwealth Inscribed Stock Act 1911 to increase the cap on the face value of stock and securities that can be on issue under the Treasurer’s standing borrowing authority to from $250 billion to $300 billion.(You can find more about the bill, including its bills digest, here.)

References