<P> As of 11 April 2017, the gross Australian government debt was $551.75 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 12 October 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> <P> Australia's net international investment liability position (government debt and private debt) was $1,028.5 billion at 31 December 2016, an increase of $5.4 billion (0.5%) on the liability position at 31 December 2016, according to the Australian Bureau of Statistics . </P> <P> Australia's bond credit rating was rated AAA by all three major credit rating agencies as at May 2017 . Around two - thirds of Australian government debt is held by non-resident investors--a share that has risen since 2009 and remains historically high . </P> <P> Net government debt is defined by the International Monetary Fund as "gross debt minus financial assets corresponding to debt instruments". Financial assets corresponding to debt instruments include currency and deposits, debt securities and loans . In the context of the budget, general government sector net debt is equal to the sum of deposits held, government securities (at market value), loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements . The net debt to GDP ratio over time is influenced by a government surplus / deficit or due to growth of GDP and inflation, as well as movements in the market value of government securities which may in turn be influenced by movements in general interest rates and currency values . </P>

Where does the australian government borrow money from
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