In what could be an electoral game changer, the government’s budget has remarkably moved into a full surplus on several key measures – the “net operating balance” and “fiscal balance” report a surplus of more than $7 billion over the year to February – 12 months ahead of the government’s forecast, as this column predicted it would do.

Analysis prepared by CommSec's Craig James shows that a rolling 12-month budget surplus on the fiscal and net operating balance measures first emerged in September 2018, and has gradually increased every month since  in what is now the best fiscal result since December 2008.