There's sense in Hockey's taper caper

The Fed's taper will see the end of Australia's role as a safe haven, sending bond prices lower and the government's borrowing rates higher. Hockey's $8.8 billion Reserve Bank injection now makes more sense.

When Treasurer Joe Hockey and Treasury Secretary Martin Parkinson visited New York together in October, it wasn’t all chilli-dogs and rollerblading in Central Park. They found time for some pretty earnest discussions with Wall Street bankers.

As Martin knew, and Joe most likely discovered in a plush boardroom, the days of the Australian government having access to cheap debt were limited.

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