niall ferguson said it was a bit of bad news on otherwise dull news day. when it set them off, it really set them off -- interest rates go up 300 basis points in a matter of days. >> we will get questions from he audience in a second. there is a lot of work that is done as the debt limit approaches, talking with nvestors and the media and explaining what happens. in australia, how is this communicated to markets. two markets accept that there is a political process that needs to play out? does the public pay any attention to that? >> we had never got to a situation previous two december where we were faced with such limited time between when parliament needed to make the decision to increase the debt ceiling and when it was going to run up against the limits. it was a new situation for investors. there was some concern about closing the government if the density was not increased that investors would begin to wonder what would happen when australia ets to this point. does it have what the u.s. has in terms of extraordinary measures? does the treasury have

i think one of the more interesting articles written on all this in recent years was by niall ferguson who wrote an article called the 300 years of sovereign debt crises and the really peculiar thing about most of those crises was that markets remained very calm while the countries budget went to hell in a handbasket. one day they didn't and something would set them off. they all said it's a bit of bad budget on an otherwise dull newsday. when they are set off they are really set off. that is to say interest rates go up three or 400 bases points. >> we will get questions from the audience in just a second. i'm manda and then tony, there is a lot of work that is done as the debt limit approaches talking with investors and talking with the media explaining what happens. amanda and australia how is this community -- communicated to markets quested except there's a political process here that needs to play out and does the public pay any attention to that? >> yeah so we have never gotten to a situation where we were faced with such limited time between parliament and making the decision to