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 a question at the National Press Club in Canberra today about the risk for investment in Australia when he used the word.

"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 assymetrical.

"If a tax goes up, God, that is sovereign risk. But if a tax goes down, f...ing fantastic."

He quickly added: "Excuse me".

The next program on the ABC's schedule was the G-rated Meerkat Manor, an animal show popular with young children.

Senator Conroy, who kept his job yesterday's cabinet reshuffle, is the minister overseeing broadcasting standards.