The federal budget is headed for a small $1.1 billion deficit this financial year, according to the update released by Treasurer Jim Chalmers and Finance Minister Katy Gallagher on Wednesday morning. This is an improvement of $12.8 billion compared to the deficit forecast in the May budget. It suggests the final figure for the financial year might end up a surplus. If so, that would be the second year the Albanese government delivered a surplus. Anxious to continue the fight against inflation, the government has not used the update to provide any cost-of-living relief or make new announcements. It has concentrated on ... (full story)