The Wire

Australia hasn’t had a debt ceiling long, but there is already a push to get rid of it. The federal government isn’t far from reaching it’s borrowing limit, so parliament is negotiating to increase it. But while the Government wants a $200 billion increase to $500 billion, the Greens and Labor are only willing to increase it to $400 billion, and the Greens would rather eliminate it entirely. But the Greens aren’t alone. Many economists and policy experts consider the fights over arbitrary limits superfluous, and would rather a more transparent system where borrowing has to be justified.