Federal Budget 2024 LIVE: Jim Chalmers to deliver $9.3billion surplus

Treasurer Jim Chalmers will deliver back-to-back budgets in the black, with fresh forecasts of the nation's finances set to show a surplus of $9.3billion for the current fiscal year.

But even with the significant turnaround since the mid-year budget update (MYEFO) forecast a wafer-thin deficit of $1.1billion just six months ago, the budget will slip back into the red from next financial year as surging spending and rising unemployment hammer the bottom line.

Each of the following three years will have higher deficits than the government previously projected, thanks to what it is calling 'unavoidable spending'.