The Australian Government expects to sell A$53 billion in treasury bonds over the 2011/12 financial year, a budget statement published last night by Treasury shows.Of this, $51 billion will be term bonds and $2 billion will be indexed bonds.Net issuance of Commonwealth government securities in 2011/12 is expected to be around $33 billion, which takes into account $53 billion in gross bond issuance, $14 billion in bond maturities and a $6 billion run-down in the volume of Treasury Notes on issue, the budget papers show.The budget papers also show net debt for the Australian Government is expected to peak at $106.6 billion in 2011/12 (equal to 7.2 per cent of GDP), then fall to 5.8 per cent of GDP by the end of the forward estimates. These levels are higher than forecast a year ago.