Government will be able to run up an operating deficit of $800 million over the next three years at fixed interest rates after financial legislation was approved in the Senate yesterday.And members of the Upper House also rubber stamped new laws allowing public school teachers to work until the age of 70 — subject to approval by the head of the Civil Service.The Government Loans Amendment (No. 2) Act 2013 was passed by Senators after previously getting unanimous support in the House of Assembly. The Act, tabled by Finance Minister Bob Richards earlier this month, will allow Government to borrow over the three-year period at current interest rates.“Borrowing three years’ worth of deficits now will save the Government tens of millions of dollars in interest costs,” Mr Richards had explained to parliamentary colleagues.“This will give us certainty of financing as well. Instead of borrowing on a year-to-year basis in the rising interest rate market, we will be locking in three-year rates at low interest rates.”The Public Service Superannuation Amendment Act 2013, which was also passed by Senators yesterday, will allow public school teachers to stay on in school up to the age of 70.