The treasurer, Jim Chalmers, says people should not expect a surplus in this term of government despite a recent improvement in the budget bottom line, as he warns of deteriorating conditions in the global economy and intensifying spending pressures ahead.
On Wednesday, the government released the final budget outcome figures for 2021-22, which showed a $47.9bn improvement to the cash deficit for the year compared to the March budget, reducing from $79.8bn to $32bn.
