Statement 7: Asset and Liability Management
The global economy is experiencing the deepest global recession since the Great Depression.
This dramatic deterioration in the economic outlook has resulted in significant downward revisions to estimated tax receipts. These revisions, coupled with timely and decisive fiscal stimulus to support jobs and activity, will require a necessary and responsible increase in borrowing over the forward estimates.
Australia's levels of net debt will remain small by world standards. The Government's balance sheet position remains strong and it has sufficient capacity to absorb temporary budget deficits.
The small size of Australia's borrowing program relative to many other advanced economies leaves the Government well‑placed to pay down debt quickly as the economy improves and the Budget returns to surplus.
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