Federal budget to remain in the black with forecast surplus of $9.3bn for 2023-24

Treasurer Jim Chalmers, prime minister Anthony Albanese and finance minister Katy Gallagher with the 2023-24 Australian federal budget papers today. ‘Budget discipline means we’ve found more than $77bn in savings,’ Gallagher says. Photograph: Mike Bowers/The Guardian

Treasurer Jim Chalmers will project a surplus of $9.3bn in Tuesday night’s budget, the first back-to-back surplus since the global financial crisis in 2007-08.

The budget outcome for 2023-24 is a $10.5bn improvement from the mid-year economic update in December, but deficits over the next two years are projected to be worse.