The federal budget is headed for a small $1.1 billion deficit this financial year, according to the update released by Treasurer Jim Chalmers and Finance Minister Katy Gallagher on Wednesday morning.
This is an improvement of $12.8 billion compared to the deficit forecast in the May budget.
It suggests the final figure for the financial year might end up a surplus. If so, that would be the second year the Albanese government delivered a surplus.
