The minister in charge of Australia's broadcasting standards has dropped the F-word live on national television during children's viewing hours.

Communications Minister Stephen Conroy was answering an AAP question about the risk for investment in Australia at the National Press Club in Canberra that was being shown live on the ABC today.

Communications Minister Stephen Conroy. Credit:Andrew Meares

"In terms of sovereign risk, I love the debate about sovereign risk," he said.

"I have seen a new definition of sovereign risk, it is asymmetrical.