<transcript><audio_58>changed amended or destroyed by the Australian Parliament they could just sign another law and a good example of how much capacity the government has to make changes in the way that fiscal policy is implemented</transcript><transcript><audio_59>just remember Australia's debt ceiling we actually did have a debt ceiling would you believe it and there was a debt ceiling on how much the Australian government could borrow and it was created in 2007 by the Rudd Government and it was set at 75 billion dollars it</transcript><caption><image_60>The image is a slide from a presentation about Australia's old debt ceiling. It shows a table that shows the debt ceiling removed by Abbott Liberal-National Coalition Government. The table is divided into columns and rows, with the first column showing the number of debt ceilings removed by the government and the second column showing a list of debts. 

On the right side of the slide, there is an illustration of a person holding a black ball with the word "OR" written on it. The person is standing on top of the table, with their arms raised in the air, as if they are celebrating or cheering. The background is white, and there is a blue sky with clouds in the bottom right corner.</caption><transcript><audio_61>was increased in 2009 to 200 billion dollars it was increased to 250 billion in 2011 and 300 billion in May 2012 in November 2013 Joe Hockey the then treasurer requested Parliament's approval for an increase in the debt</transcript> changed amended or destroyed by the Australian Parliament they could just sign another law and a good example of how much capacity the government has to make changes in the way that fiscal policy is implemented just remember Australia's debt ceiling we actually did have a debt ceiling would you believe it and there was a debt ceiling on how much the Australian government could borrow and it was created in 2007 by the Rudd Government and it was set at 75 billion dollars it was increased in 2009 to 200 billion dollars it was increased to 250 billion in 2011 and 300 billion in May 2012 in November 2013 Joe Hockey the then treasurer requested Parliament's approval for an increase in the debt
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