Australia's return to federal budget surplus will be accompanied by reduced Commonwealth government borrowing in 2012/13 according to the Australian Office of Financial Management (AOFM). In a May 9 announcement – a day after the federal budget – the AOFM revealed expected Commonwealth government bond issuance of A$35 billion (US$35.36 billion) for the next full financial year, A$23 billion below the expected 2011/12 programme.