Savings similar to levels last seen in Tony Abbott and Joe Hockey’s politically toxic 2014 budget are needed to balance the books despite an expected $98 billion improvement to the bottomline, according to Deloitte Access Economics.

This month’s budget is expected to show major improvements to Australia’s finances, but large deficits are still expected to be forecast over the medium term, including $167 billion in 2020-21 and $87 billion in 2021-22.