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10 cards from this deck
When govt spending exceeds revenue in a financial year
Borrowing from domestic private sector
Treasury Bonds
Govt borrowing raises rates, reducing private investment
During recessions
Govt borrows from Reserve Bank (printing money)
Inflation risk & need for policy independence
Don't reduce underlying cash deficit or net operating deficit
$251 billion
Public=govt only; Foreign=total to overseas (incl. private)
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