A surge in income and company tax collection,as well as lower-than-expected unemployment rates,are helping the federal budget recover from the COVID-19 recession.
New Finance Department data shows the budget deficit to the end of October was $7.9 billion better than forecast.
But the budget is still on track to show a deficit between $80 billion and $90 billion,meaning whoever wins the coming federal election will also inherit some tough budget repair decisions.
It comes as Labor officially kick-started its election campaign on the weekend,releasing key policies on TAFE and renewable energy,and Prime Minister Scott Morrison campaigned at breakneck speed at the Bathurst 1000.
Today onPlease Explain,senior economics correspondent Shane Wright joins Bianca Hall to discuss how the budget bottom line could influence the looming election.
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