The Turnbull Government's debt is blowing out at an alarming rate but Conservative Party leader Cory Bernardi's attempt to staunch the economic bleeding was blocked today by the Senate.
Senator Bernardi moved to impose a debt ceiling on federal government spending which currently sees Australia owing more than $500 billion.
Senator Bernardi told the Senate, the government's debt clock is ticking away with $488 added to the national debt every second of the day.
On top of that, there's another $561 every single second in interest on the debt that's already been accumulated.
The $17 billion in annual interest payments alone could be deployed to solve crises in health, energy or farming if we got serious about getting back in the black.
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