Submission to the Review of the Commonwealth Government Securities Market. Federal Treasurer Costello has invited input into the “Review of the Commonwealth Government Securities (CGS) Market” (hereafter Review) saying “The success of the Government’s fiscal strategy … has reduced Commonwealth general government net debt as a proportion of GDP from almost 20 per cent in 1995-96 to 5 per cent in 2001- 02” (Treasury, 2002: iii). He also claims “The fiscal strategy contributes to the current low interest rate environment, a key factor underpinning Australia’s recent economic strength.”[...]