The Treasury official in charge of managing the federal government’s almost $1 trillion debt is blaming a jump in domestic inflation for a sharp rise in borrowing costs to among the highest in the developed world, a backflip on the explanation she issued last year.
The 4.7 per cent market interest rate on Australian government 10-year bonds is now higher than the much more heavily indebted United States, United Kingdom, Canada, New Zealand and European counterparts.
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