Treasurer Jim Chalmers’ back-to-back budget surpluses have come to an end, recording a near $10 billion deficit in the just completed financial year despite billions of dollars in extra tax from working people and corporate Australia.

On Monday, Chalmers will reveal the final outcome for the 2024-25 budget, which in March he forecast would show a deficit of $27.6 billion before widening to a $42.1 billion shortfall for the current financial year.

Instead, extra revenue has provided a boost to the overall numbers, wiping more than $17 billion from the expected deficit for 2024-25. It will be Chalmers’ first deficit as treasurer, following on from surpluses of $22.1 billion and $15.8 billion in 2022-23 and 2023-24.

When the final result for the 2024-25 budget was first forecast, by then t

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