Treasurer Jim Chalmers will reveal a $6 billion budget boost on Monday as he faces internal pressure to curb inflation ahead of the Reserve Bank’s likely decision to raise interest rates to a 15-year-high. The final budget figures are expected to show that the underlying deficit is about $6 billion lower than the $28.3 billion initially forecast at the time of the budget in May. The government did not explain how the better result had come about and whether the revenue had come from the continued strength of the jobs market or commodity prices mostly outside the government’s control.
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