The Australian government has hiked its debt borrowing limit by two-thirds in a bid to alleviate concerns over a fiscal crisis.
The moves comes just after the U.S. Congress thrashed out a last-minute deal to raise its $17 trillion debt limit last week, following a 16-day partial government shutdown and fears that the world’s largest economy could default on its debt.
According to an official statement from Australian Treasurer Joe Hockey, the government was likely to meet its AUD $300 billion (US $292 billion) debt ceiling in December, with peak debt on track to exceed AUD $400 billion (US $389 billion).
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