Final budget result 'better than expected'

Australia's Treasurer Josh Frydenberg has announced the Final Budget result for the 2020-21 Budget, and it's far better than expected.

Strong commodity prices, mainly iron ore, pushed the budget to $5.5 billion.

Treasurer Josh Frydenberg and Finance Minister Simon Birmingham today announced the Final Budget result for the 2020-21 Budget, putting it in a much better situation than expected.

Net debt was $592.2 billion, or 28.6% of general government spending, $25.3 billion less than the Budget estimate.

Gross debt was $817 billion, or 39.5% of general government spending, and $12 billion less than the budget estimate.

Mr. Frydenberg said company tax receipts have increased.

"Company tax revenues increased by $5.5 billion, about half of this increase reflecting higher commodity prices, the rest reflecting stronger-than-expected economic activity," said the Treasury.