Govt debt limit raised to $600 billion

Treasurer Scott Morrison has issued a new direction to allow government debt to rise to $600 billion.

The treasurer has lifted Australia's credit limit to $600 billion as debt continues to rise.

Scott Morrison on Tuesday issued a direction to increase the value of stock and securities that are on issue - how much the government can borrow.

The figure hit $490 billion as of May 5, according to the Australian Office of Financial Management.