<Tr> <Td_colspan="2"> Source: Commonwealth of Australia </Td> </Tr> <Tr> <Td_colspan="2"> Source: Australian Debt Clock </Td> </Tr> <P> The Australian government debt is the amount owed by the Australian federal government . The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government . Australian government borrowings are subject to limits and regulation by the Loan Council, unless the borrowing is for defence purposes or is a' temporary' borrowing . Government debt and borrowings (and repayments) have national macroeconomic implications, and are also used as one of the tools available to the national government in the macroeconomic management of the national economy, enabling the government to create or dampen liquidity in financial markets, with flow on effects on the wider economy . </P> <P> As of 30 June 2016, the gross Australian government debt was $420.4 billion . The government debt fluctuates from week to week depending on government receipts, general outlays and large - sum outlays . Australian government debt does not take into account government funds held in reserve within statutory authorities such as the Australian Government Future Fund, which at 30 September 2016 was valued at $122.8 billion, and the Reserve Bank of Australia . Nor is the net income of these statutory authorities taken into account . For example, the Future Fund net income in 2014 - 15 was $15.61 billion, which went directly into the fund's reserves . Also, guarantees offered by the government do not figure in the government debt level . For example, on October 12, 2008, in response to the Economic crisis of 2008, the government offered to guarantee 100% of all bank deposits . This was subsequently reduced to a maximum of $1 million per customer per institution . From 1 February 2012, the guarantee was reduced to $250,000, and is ongoing . </P>

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