Treasurer Joe Hockey says he will release the midyear budget update within the next few days, following the release of the latest economic growth figures.
"When we release MYEFO (the Mid-Year Economic and Fiscal Outlook) in the next few days, you will see just how bad the books have been under Labor," Mr Hockey told parliament on Wednesday.
Mr Hockey earlier said the latest national accounts figures pointed to a further deterioration in the budget deficit.
The national accounts found the economy expanded by a modest 0.6 per cent in the September quarter, or 2.3 per cent annually to the end of September.
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