a kiddy in charge of the lolly shop...
The Federal Government has announced a $200 billion increase to the Commonwealth debt ceiling and a six-month audit into government spending in the face of a "deteriorating" budget position.
Treasurer Joe Hockey announced the measures after a federal Cabinet meeting in Canberra on Tuesday.
"The Coalition Government will have to increase the debt limit for Commonwealth government securities to $500 billion," he said.
"We are increasing it to that level because I've been advised that on December 12, the current debt limit of $300 billion will be hit."
He said the last Treasury assessment, provided in the pre-election fiscal outlook, predicted debt would peak at $370 billion.
All this of course, coming from the kid who told us the Aussie debt was abysmal... At least, Labor's budget was "measured and considerate" with some proper pay-offs... Now, this is like leaving the kid in charge of the lolly shop...