John Williams voted moderately for increasing or removing the Government debt limit

The majority voted in favour a motion that the report of the committee now be adopted. It was moved by Assistant Treasurer Senator Arthur Sinodinos.

Since this motion was successful, the bill as amended by the Senate will now be sent to the House of Representatives for their consideration. The amendment bill removes the debt ceiling altogether rather than simply raise it to $500 billion.

Background to Bill

On 22 October 2013, the Abbott Government announced that it will raise the debt ceiling from $300 billion to $500 billion.(Read more about this in the media here. ) This was following the August 2013 Pre-Election Economic and Fiscal Outlook which reported that the Treasurer's standing borrowing authority would reach the $300 billion limit by December 2013.

The purpose of the increase to the debt ceiling is to "provide stability and certainty to financial markets about the Government's ability to issue sufficient debt to manage its budget".(See the explanatory memorandum (106 KB). More about the bill, including its bills digest, is available here.)

The majority voted in favour of a motion to agree to the bill as amended previously.

They will now vote on whether to adopt their report and send it with the bill back to the House of Representatives for their consideration.(That division is available here. )

Background to Bill

On 22 October 2013, the Abbott Government announced that it will raise the debt ceiling from $300 billion to $500 billion.(Read more about this in the media here. ) This was following the August 2013 Pre-Election Economic and Fiscal Outlook which reported that the Treasurer's standing borrowing authority would reach the $300 billion limit by December 2013.

The purpose of the increase to the debt ceiling is to "provide stability and certainty to financial markets about the Government's ability to issue sufficient debt to manage its budget".(See the explanatory memorandum (106 KB). More about the bill, including its bills digest, is available here.)

The majority voted in favour of amendments (1) and (2) moved by Greens Senator Christine Milne.

These amendments were introduced to remove the debt limit, rather than simply raise it to $500 billion (which is what the bill was originally introduced to do).

Since the majority voted in favour of this amendment, it will now by attached to the bill and returned to the House of Representatives for their consideration.

Background to Bill

On 22 October 2013, the Abbott Government announced that it will raise the debt ceiling from $300 billion to $500 billion.(Read more about this in the media here. ) This was following the August 2013 Pre-Election Economic and Fiscal Outlook which reported that the Treasurer's standing borrowing authority would reach the $300 billion limit by December 2013.

The purpose of the increase to the debt ceiling is to "provide stability and certainty to financial markets about the Government's ability to issue sufficient debt to manage its budget".(See the explanatory memorandum (106 KB). More about the bill, including its bills digest, is available here.)

The majority voted in favour of an amendment to change the proposed rise in the debt ceiling from $500 billion to $400 billion instead. The amendment was introduced by Labor Senator Penny Wong.

This means that this amendment will now by attached to the bill and returned to the House of Representatives for their consideration.(See the division in the House of Representatives on whether to accept this amendment here. )

Background to Bill

On 22 October 2013, the Abbott Government announced that it will raise the debt ceiling from $300 billion to $500 billion.(Read more about this in the media here. ) This was following the August 2013 Pre-Election Economic and Fiscal Outlook which reported that the Treasurer's standing borrowing authority would reach the $300 billion limit by December 2013.

The purpose of the increase to the debt ceiling is to "provide stability and certainty to financial markets about the Government's ability to issue sufficient debt to manage its budget".(See the explanatory memorandum (106 KB). More about the bill, including its bills digest, is available here.)

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.)

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