Budget papers for the Australian government, published last night, show the government will continue to sell new term debt in modest amounts to support liquidity and to provide a pricing benchmark for the remainder of the debt market.This has been the government position for several years, ever since the government in practice retired its net debt and began to accumulate substantial surpluses (invested in the short term with the Reserve Bank and in the longer term in diverse portfolios managed by the Future Fund).Treasury said it planned to sell $2 billion in the May 2021 Treasury bond line in the coming financial year and said it would also sell $3.3 billion in a new June 2014 Treasury bond line.Scheduled maturities next year will be $5.1 billion, and the government estimates the stock of fixed coupon Treasury bonds at June 2009 will be around $49.6 billion.The Future Fund, meanwhile, looks like it will manage in excess of $100 billion of assets in a couple of years, across at least four funds that will either help fund public sector capital investment in politically appealing sectors (such as broadband, education and health) or reduce the cost to budget of public sector pensions.