The Latest Breaking News from Josh Frydenberg

Tuesday’s budget will forecast a surplus of about $4 billion for this financial year – the first Commonwealth budget surplus in a decade and a half.

The scrapping of the interest rate floor five years ago has led to "bad outcomes" for many Australians who secured ultra-cheap home loans during the pandemic and are now facing a fall over the mortgage cliff, says a former head of credit risk at the nation's financial regulator.

Instead of tackling the fallacy and lie, the review came up with this: 'There should be increased joint work between Treasury and the RBA'.

The treasurer has defended the government's decision to push ahead with the phase-out of the tax offset for low- and middle-income earners.