Wafer thin deficit of $1.1 billion as almost balanced budget stokes surplus hopes

Responsible economic management, narrowing deficits and more tax revenue flooding into Treasury coffers - but no handouts just yet for cash strapped Australians struggling from the higher cost of living. That's the good news theme from the midyear budget update just released by Treasurer Jim Chalmers. The deficit for the current year is much slimmer at just over a billion dollars .. a massive revision on what last May's budget had been forecasting.