Federal surplus to rocket past earlier forecasts

Surging company and personal taxes are expected to feed in to a bigger surplus than first forecast. (Lukas Coch/AAP PHOTOS) (AAP)

The federal budget is on track to smash its earlier surplus forecasts as the government rakes in much more revenue.

The underlying cash balance for the 12 months to May was $19 billion, well above the $4.2 billion surplus flagged for the 2022/23 financial year in the last federal budget.