Treasurer Wayne Swan has refused to speculate about a possible earlier-than-estimated budget surplus on the back of surging commodity prices and the end of a long-running drought.
"We have put our forecast out there, we stick with our forecasts," he told reporters in Canberra on Friday after announcing the government was on track to return the budget to surplus in 2012/13.
The treasurer earlier revealed the final budget position for 2009/2010 was a deficit of $54.8 billion, $2.3 billion less than estimated in May.
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Mr Swan said recent economic commentary had suggested the government was being too optimistic about forecasts for commodity prices.
"We don't count on commodity prices staying high forever," he said, noting that the government's commodities forecaster had predicted a rise in iron ore prices.
"I said that at the budget. I've said it all the way through this debate."
Mr Swan described government forecasts for commodity prices and their impact on budget revenues as "pretty conservative".
"By and large, they have worked out, but I am not going to speculate about whether they will stay there or not."
Mr Swan noted the irony of questions about an earlier return to budget surplus, given that many commentators had questioned the
government's ability to achieve a surplus in 2012/13.
"It's a new paradigm," Finance Minister Penny Wong told reporters during the press conference with Mr Swan.
