Deficit tracking better than expected

To the end of September the federal budget deficit was $22.97 billion, $1.87 billion less than estimated at the time of the May budget.

The federal budget deficit has come in less than estimated at the time of the May budget. (AAP)

The federal budget deficit has come in under its first quarter estimate on the back of higher revenue and lower spending.

To the end of September the deficit was $22.97 billion, $1.87 billion less than estimated at the time of the May budget.

Government debt stood at $325.7 billion.