The final federal budget outcome for the last financial year is expected to come in better than expected, when the numbers are reported this week.
Despite taking a hit during the coronavirus pandemic, the Labor government says the budget deficit for 2021/22 could be $50 billion healthier.
Treasurer Jim Chalmers said the numbers will reflect stronger corporate tax receipts linked to higher commodity prices, as well as higher takings due to a tight labour market.
But despite the projected deficit improvement for 2021/22, Dr Chalmers said the budget black hole for the current financial year was still expected to be upwards of $30 billion and that spending in his October budget would need to be restrained.
"This will be a fairly standard bread-and-butter budget because, for the times we are in, that's what it needs to be," he said.
The budget outcome for 2021/22, due on Wednesday, will also provide other details on the state of the government's finances.
Earlier in the week, the Australian Institute of Petroleum will release its fuel report.
And on Tuesday, ANZ and Roy Morgan will release their weekly consumer confidence survey.
Consumer confidence has been subdued in recent weeks because the soaring cost of living and rising interest rates has people worried.
Wednesday will also see the release of preliminary data on retail trade for August and engineering construction numbers for the June quarter by the Australian Bureau of Statistics.
The Reserve Bank of Australia will be watching the retail data carefully for clues about spending habits to see if its recent interest rate hikes are starting to cool consumer activity.
On Thursday, the ABS will release quarterly job vacancy data, the new monthly consumer price index indicator and data detailing household and corporate balance sheets.
The RBA will release its lending and monetary aggregates data on Friday.
Meanwhile, the Australian Securities Exchange is likely to start the week in negative territory, after Wall Street slumped on Friday on the back of rising fears the US could tip into recession.
The US S&P 500 lost 62.49 points, or 1.69 per cent, to end at 3,694.32 points, while the Nasdaq Composite lost 193.70 points, or 1.75 per cent, to 10,873.10 and the Dow Jones Industrial Average fell 473.55 points, or 1.57 per cent, to 29,603.13.
In response, the most traded Australian share index futures contract dropped 82 points or 1.25 per cent to 6478, pointing to a weaker start to local trading on Monday.
On Friday, the benchmark S&P/ASX200 index ended 1.9 per cent lower at 6,574.70 points - its lowest closing level since July 1. The broader All Ordinaries dropped 1.92 per cent to 6788.7.
