Australian Government, 2012‑13 Budget

Statement 7: Asset and Liability Management

The Australian Government's balance sheet remains amongst the strongest in the developed world. Australia recently received a AAA credit rating from all three major rating agencies for the first time in our history.

This strong balance sheet position continues to provide the Government with the capacity and flexibility to respond to unanticipated adverse events and longer‑term challenges.

The strength of the Government's financial position and the return to surplus in 2012‑13 allows the Government to further reduce its already very low levels of net debt as a share of GDP from 2012‑13.

The Australian Government's net debt position remains very low by international standards, notwithstanding the further write‑down to tax receipts and the fall in interest rates on Commonwealth Government Securities (CGS) contributing to an increase in net debt since the 2011‑12 Budget. The average net debt position, as a per cent of GDP, of the major advanced economies (G7) is projected to reach around ten times the expected peak in Australia's net debt.

In this Budget, the Government maintains its commitment to a liquid and efficient CGS market.

A detailed balance sheet for the Australian Government general government sector is provided in Statement 9: Budget Financial Statements.

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