The lower surpluses mean net debt is projected to be 1.8 per cent of gross domestic product by 2029-30,up from the zero per cent forecast in the federal budget.
The target was used by Finance Minister Mathias Cormann in April to pledge the Morrison government was"moving to the second stage of our plan"by eliminating net debt by 2030 after delivering a decade of surpluses. That key milestone disappeared on Monday.