Budget surplus up to $22bn thanks to strong jobs market and higher commodities prices

Treasurer Jim Chalmers says ‘a stronger budget is not an end in itself’ after the 2022-23 surplus was revised up to $22.1bn. Photograph: Lukas Coch/AAP

Australia’s first surplus in 15 years has been revised up to $22.1bn, in a major boon for the Albanese government’s first full-year budget.

The final budget outcome for 2022-23, to be released by the federal treasurer, Jim Chalmers, on Friday, shows a surplus of 0.9% of GDP.