Whoever wins the federal election, the new government will have to seek parliamentary approval to lift the national debt ceiling by up to $100 billion.
Labor's economic statement released on Friday said the current limit of $300 billion of commonwealth government securities (CGS), or gross debt, is expected to be reached around December this year.
"The government will legislate to increase the limit as it becomes necessary," the statement says.
Gross debt is forecast to increase over the budget forward estimates.
In 2014/15 it's expected to peak at $350 billion and in 2015/16 to peak at $370 billion.
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By the end of 2016/17, gross debt is forecast at $370 billion.
Net debt - which is debt minus government assets - is now expected to peak at 13 per cent of gross domestic product in 2014/15, rather than the 11.4 per cent projected in the May budget.
