This year's surplus will be bigger than the $4.2 billion projected at budget time: Chalmers

The surplus for the financial year that ends Friday will be larger than the $4.2 billion forecast in the budget, Treasurer Jim Chalmers will say on Wednesday.

In a speech to be delivered in Darwin, Chalmers says the government had been “deliberately cautious” in its estimate in the budget, “given the history”. This was a reference to former Treasurer Josh Frydenberg’s “back in black” prediction in 2019.

Now, “We’re in a significantly better position than we forecast,” Chalmers says. “We’re expecting the surplus will be bigger than forecast in May.”