Path to surplus like Aussie family holiday

Australia's path back to a balanced budget is like a typical summer road trip with the family, says Treasurer Scott Morrison.

They have their favourite destination and they know how to get there.

"There are no short-cuts," he said after releasing the mid-year economic and fiscal outlook on Tuesday.

"There may be some delays on the way with road works ... plenty of people in the back seat, which often happens when I'm driving the family saying `Are we there yet? Are we there yet?'. That's natural.

"The path back to budget balance is similar to that."

The federal budget deficit for the 2015/16 financial year is forecast to be $37.4 billion, up from the $35.1 billion predicted in the May budget.

Mr Morrison said the government needed to take a "safe and careful route" and one that does not put jobs and growth at risk.