The first budget statement from the new Australian government was in stark contrast to the New Zealand budget update.
Treasury here is forecasting the surplus for the year ending June 2015, excluding capital gains or losses, will be $86 million, rising to $1.7 billion in the 2016 year and to $3.1 billion the following year.
That's in stark contrast to the Australian Government's forecast of swelling budget deficits and an economy in dire trouble.
Australian Treasurer Joe Hockey blamed the gloomy outlook on the previous Labor government.
Mr Hockey said budget deficits totalling $A123 billion were expected through to June 2017, and deficits would continue until 2024 if left unchecked.
In August, in the pre-election economic statement, the then government again forecast a return to surplus in 2016-17, the last year of the forward estimates.
"Based on new, more realistic, assumptions, and our determination to bring hidden budget problems out into the open, the cumulative underlying cash balance is deteriorated by $A68 billion in just four months," Mr Hockey said.
"Since the May budget, the largest deterioration is for the current financial year."
The previous government had forecast an a $A30 billion deficit but the new, more accurate, forecast was a $A47 billion deficit.
The Australian government is also forecasting sub-trend growth and rising unemployment.
