The Coalition Government and the Greens party have agreed on something, for what may be the first and last time.

An agreement has been struck to end the impasse over Treasurer Joe Hockey’s plans to raise Australia’s debt ceiling to $500 billion.

The Greens have agreed to vote to scrap the debt ceiling altogether in exchange for new transparency measures.

The debt ceiling was a limit on the value of Commonwealth Government Securities (including Treasury Bonds, Treasury Indexed Bonds, Treasury Notes and Aussie Infrastructure Bonds) which could be issued to meet budget deficits.

Greens leader Senator Christine Milne says scrapping it is a win against the opacity of Government operations.

A new deal signed between the Greens and Coalition contains a number of measures including the requirement to publish more detailed information in the Mid-Year Economic and Fiscal Outlook, expected soon.

“This, I think, will return some maturity to the debate around debt and get rid of what has become a phoney debate every time the Government has wanted to raise the debt ceiling,” Ms Milne said.

Treasurer Joe Hockey said; “the Greens have engaged in honest discussion with us about dealing with the debt limit that was put into place by the Labor Party in 2008.”

“There are no side deals, there are no winks and nods about any other issues and the agreement comes down to greater transparency about the debt and how it is used by the Government.

“Now, I have no problems with that at all,” Mr Hockey said.

Under the new agreement, the Government will be made to table a statement before Parliament each time Australia’s debt increases by $50 billion. It will require the Government to explain the increase.

Prime Minister Tony Abbott has previously condemned the Greens’ economic capabilities. He has not really changed his tune, but now appears to rank the Labor Party just one step lower.

“Yes, I agree, Madam Speaker that the Greens have been economic fringe dwellers,” Mr Abbott said in Question Time, adding that he considers Labor “worse than the Greens when it comes to economic vandalism.”