Two years ago Wayne Swan admitted that the Government was borrowing $100 million/day to pay back debt. Get it? The Government gets into debt to pay back debt.
If Bill owes Gordon $50, he can get rid of the debt by borrowing $50 from Jim and pay Gordon back and then his debt with Gordon is clear so he still owes is $50 but to Jim not to Gordon.
Clever ploy that, Wayne! No wonder you are tagged as the World's Greatest Treasurer.
As of 31st August 2012, the Gross Australian Federal Debt was A$244,325,881,000 (link AOFM)
A few years back NCTCS blog reported that Greg Combet had promised the UN Green Climate fund almost $600 million from the carbon tax. (LINK)
This week the ABC reported that the UN Green Climate fund had been paid the promised amount via this ABC report. (LINK) Mark Dreyfus, Parliamentary Secretary for Climate Change and Energy Efficiency told ABC Radio Australia that Australia has met its obligations.
"Australia committed $599 million of what was called 'fast start finance' back in 2010 and we have actually delivered all of the $599 million."
If your head is aching from the maths involved, here is some soothing music - the theme from the TV show "Rush" written by Mark Dreyfus' father, George.