Budget in slightly better shape: Cormann

Finance Minister Mathias Cormann says the federal budget is in a slightly better shape than initially anticipated back in May.

Right now expenditure and revenue are running slightly below forecasts made in the May budget but the government will provide a comprehensive update in December.

The government's financial statement for October, released last week, showed the budget deficit was running $1.6 billion smaller than expected after four months of the financial year.