The Australian Greens have secured a deal with the federal government to scrap the national debt ceiling.
Leader Christine Milne said the agreement includes requirements for further debt reporting in the budget and other documents relating to the budget position.
Also the government will deliver a debt statement when its borrowings increase by $A50 billion.
AAP reports the new arrangements are likely to be in place from the 2014/15 budget due in May.
The agreement means the government will be able to get its legislation through the Senate with Greens support.
Treasurer Joe Hockey earlier intended to increase the federal debt ceiling from $A300 billion to $A500 billion. The current ceiling was due to be reached by 12 December.
Labor had opposed a $A200 billion rise, offering the government a $A100 billion increase instead.
Mr Hockey rejected Labor's proposal, saying Australia needed a buffer in case of an emergency.
The debt ceiling was introduced in 2008 by the former Labor government.
