国际英语新闻：Budget predicts Australia's economy return to surplus in 2012/13

The underlying cash deficit is predicted to be 57.1 billion dollars (51.34 billion U.S. dollars) for 2009/10, in line with previous forecasts.

"Accumulated losses will take some time to work their way through the system and this will delay a full recovery in tax receipts," the budget papers said.

Australian job seekers have benefited from the improvement in the economy with the labor market expected to tighten in the years ahead.

Last May Treasury forecast the unemployment rate to a reach a high of 8.5 percent in late 2010.

The jobless rate has peaked at 5.8 percent between June and October 2009, according to Australian Bureau of Statistics data.

"Best of all, the unemployment rate is expected to fall further from 5.3 percent today to 4.75 percent by mid-2012, around the level consistent with full employment," Swan said.

A rebound in Asian economies with their appetite for mineral resources has helped lift the prices for Australia's key commodity exports, coal and iron ore, and boost the nation's terms of trade.

Coal and iron ore constitute around 30 percent of Australia's exports.

The government has forecast the terms of trade, the ratio of export prices to import prices, to rebound by 25 percent by mid- 2010 and inject 30 billion dollars (26.97 billion U.S. dollars) into the economy.

"The global recovery is generating strong demand for non-rural commodities, particularly from Asia, resulting in higher prices," the papers said.

"The resulting boost to domestic incomes is expected to spur business investment and household consumption."