Mr Albanese is, after all, the former opposition leader who called on the Morrison government to squander $6 billion on paying $300 each to people to get vaccinated in August 2021.

And Dr Chalmers, as the then shadow treasurer, laid into Josh Frydenberg for not extending JobKeeper in March of the same year.

"Under Scott Morrison and Josh Frydenberg, the pandemic support ends before the pandemic does," Dr Chalmers said.

If the LNP had adopted either or both of these proposals the net debt, expected to peak around $623 million in 2026-27, would be much higher.

The irony that politicians who called for over-the-top spending in opposition won't offer targeted cost-of-living assistance to those on the bottom of the income pyramid - even though the money is there - is not lost on the battlers. But they aren't laughing.

According to Wednesday's mid-year economic and fiscal outlook the budget bottom line is much healthier than expected.

The income tax take has come in higher than forecast - again - due to near record low levels of unemployment.

Meanwhile strong demand for iron ore has also provided a windfall.

Treasury had predicted the price per tonne would fall from $US117 to $US60 between March this year and mid-2024. It has actually risen to $US137 a tonne.

The net result is the projected budget deficit for 2023-24 has fallen from $14 billion since May to just $1.1 billion.

That is a figure which raises the possibility Dr Chalmers might be able to announce back-to-back surpluses if unemployment stays low and commodity prices hold up.

While the Treasurer's fiscal restraint is defensible given interest on debt has now overtaken the NDIS as the biggest cost to the budget, it would be unfortunate if the government is chasing a headline at the expense of people it is responsible for looking after in what will be an election year.

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Dr Chalmers' oft-repeated claim that providing additional cost of living support to those who need it most is inflationary just doesn't stack up.

As experts in the welfare sector, including ACOSS's Cassandra Goldie, point out targeted assistance to people who can't pay for rent, for electricity, or for groceries won't drive up prices.

How could it? Any and every dollar would be spent on the basic necessities most people like to think they can take for granted.

It won't go on expensive holidays, new cars or large screen televisions.

Targeted relief for those on low fixed incomes who are doing it the hardest would be spent on basic food, on bread, on petrol and to keep a roof over their heads and the electricity on.

While this cohort, which includes a growing number of homeless Australians, have done nothing to contribute to soaring house prices and rents, or to inflation in general, they are bearing the brunt of the pain caused by soaring prices.

Speaking after Dr Chalmers announced the 2022-23 budget surplus in May Dr Goldie said: "People on woefully low payments are rationing food, forgoing essential medication and living in fear of every energy bill.

"The government should use this record budget surplus to raise the rate of income support so people on the lowest incomes can afford a decent standard of living."

Both observations are even truer now than they were then.