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Budget cuts won't restrain need to borrow

The supply of Commonwealth government bonds will be barely affected by last night's Budget. The face value of Commonwealth bonds on issue during 2014/15 is forecast to remain at around A$360 billion, no different from the mid-year estimate by Treasury.The face value of CGS on issue is expected to reach "a within‑year peak of around $370 billion," over the next year according to the Budget papers.Over the forward estimates, the face value of CGS on issue is projected to rise to a within‑year peak of around $470 billion in 2017/18.

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