It's been almost three years since Australians had to think about the debt ceiling but it is almost a certainty that some time in 2017 the Treasurer will have to use the powers of his office to waive the $500 billion debt cap.

Few people might realise we even have one. More memorable was the turn of events that led to former Treasurer Joe Hockey striking an unexpected deal with the Greens back in December 2013 to get the then-$300 billion debt ceiling abolished entirely. The Greens (or "economic fringe dwellers" in Tony Abbott's words at the time) demanded more meaningful disclosures around Australia's debt situation and detailed projections in the budget and MYEFO as part of the bargain.