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Treasurer Jim Chalmers says Treasury is “deliberately cautious and conservative” when it comes to forecasting revenue.

“There’s a good reason for that,” Mr Chalmers said during a media conference on Wednesday.

“That’s because our predecessors were frankly humiliated when they overpromised and underdelivered on the budget.

“They spent more time flogging merchandise … than actually delivering the responsible economic management that the country needed.”

This comes after Mr Chalmers and Finance Minister Katy Gallagher delivered the Albanese government’s MYEFO update.