Budget surpluses for 2019/20 doubled

Treasurer Josh Frydenberg has handed down his first budget update, with projected cumulative surpluses over the next four years of more than $30bn.

Treasurer Josh Frydenberg and Minister for Finance Mathias Cormann present the mid-year budget update. Source: AAP

The unexpected surpluses are double previous estimates announced in the May budget.

Mr Frydenberg, who became Treasurer in August, announced the underlying cash balance for 2019/20 is now expected to reach a surplus of $4.1 billion, revised upwards from $2.2bn.

The Government has received $8.3 billion more than it expected in the first half of this financial year, thanks largely to greater collections of individual and company taxes.

The forecasted deficit for this year has been cut from $14.5 billion to $5.2 billion.

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