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Treasurer Jim Chalmers and Finance Minister Katy Gallagher delivered the Mid-Year Economic and Fiscal Outlook on Wednesday.

A tax revenue surge of more than $65 billion since May and a $7.4 billion delay in infrastructure spending has boosted the budget bottom line by $39.6 billion over the four-year forward estimates.

The MYEFO has changed the bottom line for the 2023/24 financial year from a $13.9 billion deficit which was forecast in the May budget, to a smaller deficit of $1.1 billion.

“This budget update and this government is all about responsible economic management,” Mr Chalmers said during a media conference on Wednesday.

“Responsible economic management - it's what puts downward pressure on inflation and eases the cost of living, and because of our efforts, we are getting the budget in much better nick and making more room for our priorities, and that is what these numbers that we’re releasing today show.

“Our strategy over the past 18 months has delivered an historic turnaround in the budget position, but we know that there is still much more work to do.

“Our government’s economic plan is, at its core, about three things: easing cost of living pressures, repairing the budget and investing in the foundations of growth in our economy.”