Australia lifts debt ceiling by 66% - no shutdown required

The Australian government has hiked its debt borrowing limit by two-thirds in a bid to alleviate concerns over a fiscal crisis.

The moves comes just after the U.S. Congress thrashed out a last-minute deal to raise its $17 trillion debt limit last week, following a 16-day partial government shutdown and fears that the world's largest economy could default on its debt.

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