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Analysts at S&P Global this week wrote that Australia's public spending was at "post-war highs", and warned both major parties that the country's rating was at risk if savings were not found.

At the same time a highly critical report from the public spending watchdog accuses the government and regulators of failing to manage risk and drive investment in the water sector, contributing to higher bills for customers.

Governments sell bonds - essentially an IOU - to raise money for public spending and in return they pay interest.

If the US government is spending more on debt interest repayments, it can affect budgets and public spending as it becomes more costly for the government to sustain itself.

A general strike against public spending cuts in Argentina has severely disrupted transport.