Australia's federal budget is projected to record the region's first budget surplus since 2008.

Treasurer Jim Chalmers revealed that the 2022-2023 bottom line has reached surplus, despite an earlier projected deficit of $78 billion.

Australian correspondent Murray Olds says this surplus was generated by a boom in commodities, high employment figures and a surge in migration.

"The revenue is going to surge by- nearly $150 billion over the next four years. But here's the other side of this equation: it's not all rosy because net debt is still enormous."  

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