Australia’s first budget surplus in 15 years will be larger than the A$4.2 billion ($2.8 billion) seen just last month, said Australian Treasurer Jim Chalmers per Bloomberg.

The policymaker also cites the main catalysts of the upbeat budget surplus forecast as elevated commodity prices and a tight labor market that bolster revenue.

“We’re in a significantly better position,” Chalmers said in the text of a speech in the northern city of Darwin Wednesday, referring to the budget handed down seven weeks ago reported Bloomberg.

The news also spots Aussie Treasurer Chalmers as saying, “We’re expecting the surplus will be bigger than forecast.”

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