It's the Borrowing Authority Act maximum borrowing amount. We use a term that is slightly different from the American term. It's viewed a little differently. The increase that's being recommended this year is as a result of total borrowing approaching the $1.831 trillion number that you mentioned at the end of 2024-25. The idea behind the introduction of the Borrowing Authority Act in 2017 was to enhance parliamentary oversight and transparency. The projections are done on effectively a three-year basis, so the limits are expected to be held for those three years.
On May 30th, 2024. See this statement in context.