Budget back to surplus in 2016/17: reports TREASURER Wayne Swan is expected to unveil a pathway back to a balanced budget for 2015/16, which is earlier than expected, according to media reports. The treasurer is also expected to announce that Labor will return the federal budget to surplus by 2016/17, Sky News reports. Mr Swan says his sixth budget will take the "extraordinary step" of laying out a 10-year plan to fund key education and disability care reforms. But the treasurer insists he won't be "cutting to the bone" to pay for them. Economists expected Tuesday's budget would reveal multibillion-dollar deficits over the next few years at least, rather than the series of surpluses promised a year ago.