Finance Minister Mathias Cormann is confident Australia will maintain its AAA credit rating.
In July, global credit rating agency Standard & Poor's warned it could cut the country's top-tier rating in the future if Australia's budgetary performance did not improve because of continued parliamentary budget gridlock.
"We do have a plan to get the budget back to balance as soon as possible and also in a way that is economic responsible," Senator Cormann told Sky News on Thursday.
He and Treasurer Scott Morrison will release the mid-year budget review in mid-December.
In the first three months of this 2015/16 financial year beginning on July 1, the budget deficit was $3 billion smaller than was envisaged at that stage.
The final budget outcome for the 2014/15 financial year also showed the budget deficit $3 billion smaller than had earlier been anticipated.
"We are continuing to make progress implementing our plan for stronger growth and to repair the budget, and we are making progress in getting legislation through the Senate," Senator Cormann said.
Mr Morrison is scheduled to deliver his first budget on May 10, 2016.
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