Debt ceiling debate goes down under

Australian Treasurer Joe Hockey, who announced he would raise Australia's debt ceiling.

While the debate over whether to raise the federal borrowing limit in the United States is over (at least until February), our Australian counterparts had a brief taste of it themselves. The newly elected conservative government needed to raise its limit on new borrowing -- echoing the showdown that brought the U.S. to the brink of default last week.

But the Australians didn’t have the stomach to digest the rancor, government shutdowns, and apocalyptic apoplexy Americans experienced. The newly elected conservative government announced that it plans to increase the borrowing limit to almost $500 billion, citing the U.S. as a lesson in how stability and certainty is important for confidence.

"Compared to the United States, Australia's journey to raising the debt level has all been rather collegiate and friendly," says the BBC’s Phil Mercer.

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