Cormann puts on a brave budget face

Finance Minister Mathias Cormann insists the federal government still has the appetite to continue its budget repair job amid speculation of a growing deficit black hole.

Prominent economist Chris Richardson is predicting a $47 billion blowout in the budget estimates to 2017/18.

Senator Cormann, while declining to speculate on the prediction, told ABC radio on Monday that global economic headwinds and the falling iron ore price had material implications for the budget.