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Australia: Federal debt is paid offBorder MailApr. 23, 2006 |
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 THE Federal Government will today finally manage to do what most Australians struggle to achieve – pay off the dreaded credit card. Treasurer Peter Costello has declared today “debt-free day” to mark the Government’s final payment on the commonwealth credit card. “As best as we can tell, tomorrow, the commonwealth of Australia will eliminate its net debt,” he told the Committee for Economic Development of Australia yesterday. “Tomorrow, April 21, 2006, will be Debt-Free Day. “In fact, from tomorrow, our Government will become a net saver, to save for some of the big challenges of the future,” Mr Costello said. However, Mr Costello warned that even though the national debt would be paid off, it was no time for a government spending spree. 
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