The big four banks are under siege by the Government and Opposition but they - together with strong jobs growth - will help Treasurer Wayne Swan deliver a Budget surplus.
That surplus will be lower than the Government pledged during this year's election campaign, even after it factors in $3.4 billion of previously announced savings.
The mid-year Budget update, to be released today, is expected to show the high Australian dollar has punched a $10 billion hole in the revenue to flow from company profits over the forward estimates, with most pain in the mining and manufacturing sectors.
However, the big banks, which have announced combined profits of $22 billion over the past fortnight, are expected to stem some of the red ink caused by the appreciating dollar.
Total tax payments by the Commonwealth Bank and NAB alone were $1 billion higher, which will flow through to Canberra's coffers.
Also helping the Budget will be stronger than expected jobs growth.
More than 100,000 full-time jobs have been added since mid-year, bringing with them extra income tax payments and stronger growth across the wider economy.
The growth in jobs, particularly full-time ones, has been much higher than that forecast in May.
That strength in jobs was highlighted by the latest ANZ job advertisement index which improved 0.6 per cent in October on the back of growth in internet advertisements. Over the past year, ads have climbed 35 per cent nationally, while in WA they are up more than 50 per cent.
The May Budget predicted a surplus in 2012-13 of just $1 billion, but this was upgraded to $3.5 billion in the pre-election Budget update released by the Treasury and Finance departments.It is understood the surplus Prime Minister Julia Gillard promised at the weekend will be above the May forecast but below that estimated in August at about $3 billion.
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