Jim Chalmers announces $50bn improvement in federal budget compared to March projections

Treasurer says improvement comes in large part from higher than expected commodity prices boosting returns from mineral exports

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Last year's federal budget deficit was less than half the $80bn projected in March, aided mostly by a surprise jump in commodity prices, the treasurer, Jim Chalmers, said.

In an update on Tuesday, five weeks before the Albanese government releases its first budget, Chalmers said the bottom line for the 2021-22 fiscal year would boast an improvement of almost $50bn from what was expected six months ago.

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