Reports today say Australia’s debt ceiling would have to be raised from its $300 billion level if the Opposition take power after Saturday’s election.

Opposition Treasury spokesperson Joe Hockey announced plans for several measures to make money for the country, but his costings may only be able to go part of the way to tackling the debt and deficit they target.

In a marginal window before the country takes to the polls, Mr Hockey promised $9 billion in spending cuts and a projected savings of four years of about $42 billion.

When placed against the spending promises, the Coalition’s net savings over this and the ensuing three financial years will total $6 billion, according to the Australian Financial Review.

The Coalition’s rhetoric has promised a government of conservative spending and a faster return to budgetary surplus than was offered by the Labor party. Not only have the costing revelations showed that returning to surplus will likely not occur any sooner, the path to be taken requires cuts to foreign aid, climate change initiatives, regional infrastructure funds, water buybacks and somehow plans to make over a billion dollars by cracking down on asylum seekers.

Analysts have said recently that with the country’s gross debt cap currently hanging at $300 billion, virtually any plan would still see gross national debt in the vicinity of $370 billion – necessitating a new level.

Many in the financial sector today are reporting disappointment either at the Coalition’s misassumption of the economic state and direction of the country, or the lack of improvement over Labor policies for cuts and savings.