Debt financing in Australia for next five years

Finance Minister Mathias Cormann has announced debt financing of $6.5 billion over the next five-year period for the banks and other financial institutions.

He said the new funding would be used to cover debt servicing costs.

Mr Cormann said the Government would also continue to pursue additional revenue streams from the carbon tax and the changes to the National Disability Insurance Scheme (NDIS).

He also announced $4.5 million for the state and territory governments to help cover the costs of the carbon price changes, which the Government is expected to announce next week.

In a statement, the Treasurer said the fund would cover the cost of $5.5bn of carbon pricing measures that will be rolled out over the course of the next four years.

“The Government is committed to supporting businesses, consumers and businesses and their employees by maintaining the current low carbon pricing regime,” he said.

The Government has also committed to increasing the contribution of the GST to the Government’s overall budget by $4 billion over three years, and to increase the Government contribution to the Disability Insurance Fund by $6 billion over five years.

“This Government will continue to ensure that the carbon prices and the NDIS are fair and sustainable for Australian families and businesses,” Mr Cormann added.