Treasurer says he would welcome the opportunity to put the economy ‘front and centre’ in the upcoming election campaign

Jim Chalmers has confirmed next Tuesday’s budget will unveil a deficit close to the $26.9bn predicted at the December update, as he flagged that the windfall tax gains from high commodity prices and a booming jobs market were now a thing of the past.

The government has had to scramble to finalise a fourth Labor budget after ex-Tropical Cyclone Alfred nixed plans to call an earlier April election.

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