Labor aims to limit debt ceiling to $400b

LABOR will only let the government increase the debt ceiling to $400 billion, $100 billion less than the sum Treasurer Joe Hockey wants.

Mr Hockey will on Wednesday introduce a bill to raise the national debt ceiling to $500 billion, from $300 billion.

But shadow treasurer Chris Bowen told Labor's Monday caucus meeting that while there was clearly a need to extend the debt ceiling, there was no justification in any publicly available information for putting it up as high as $500 billion.

Caucus agreed to his proposal to try to amend the legislation to only allow a $400 billion limit.

In announcing the planning increase, Mr Hockey said he's been advised the existing debt limit of $300 billion would be reached on December 12 and was projected to exceed $400 billion by 2015/16.

He wanted to put the limit beyond doubt so it didn't need to be revisited.

Caucus on Monday also decided to vote against the repeal of the mining tax and endorsed shadow cabinet's position to move amendments to the carbon tax repeal legislation that would see the tax scrapped but replaced with an emissions trading scheme.

However it didn't approve the exact wording of any amendments, since the legislation is yet to be seen.

Opposition Leader Bill Shorten told the caucus meeting the party would be stronger for being united.

"There is too much at stake for Australia to lose under this government," he said.

Former prime minister Kevin Rudd did not attend the caucus meeting and it's unknown whether he will be in Canberra for the first sitting week of the new parliament.

New Labor MP Tim Watts, who won Nicola Roxon's former seat of Gellibrand, was chosen to be caucus secretary.

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