The budget surplus for last financial year has come in at $15.8 billion, well exceeding the $9.3 billion that was forecast in the May budget.
Treasurer Jim Chalmers, just back from talks in Beijing on China’s economic outlook, will announce the result on Monday.
The government says the better-than-forecast outcome has been driven entirely by lower spending. Revenue was also lower than the budget anticipated. Areas of savings included the National Disability Insurance Scheme, payments to the states, and various grant programs that don’t exist anymore.
