Australia's finances are in much better shape than previously thought but the budget's lucky run is unlikely to last.

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A stronger jobs market and higher-than-expected tax revenue have left the federal budget $18 billion better off, capping the biggest nominal improvement to the nation's bottom line in a parliamentary term, Treasurer Jim Chalmers said on Monday.

The final budget outcome showed a deficit of just under $10 billion for 2024/25, an improvement on the government's original forecast of a $28 billion deficit.

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