For taxing Australians more, Jim Chalmers seeks praise.

The final figures for last year’s Budget published on Monday showed the deficit was $6 billion smaller than originally predicted.

Budget forecasting is notoriously unreliable, but that did not stop the Treasurer boasting to reporters in Canberra that “responsible economic management is a defining feature of this government”.

“The Budget has come in even better shape than we anticipated a few months ago,” he said.

The reason the Budget isn’t is in as bad shape as it might have been is because the tax take as a share of the economy rose to 24.1 per cent in June from the 23.6 per cent Dr Chalmers targeted last year.

While that may not sound like a big jump, half a per cent in a $2.8 trillion economy is substantial chunk of the value generated by all working Australians.

If the government had chosen to balance the Budget rather than spend on favoured interest groups, the tax increase would be unnecessary.

Much of that tax windfall came from what the Treasury identified as “strong business and investment income”.

“So to be really clear about that, this is not about wage and salary earners,” Dr Chalmers said.

Which may be technically true, but if taxing investment returns did not cost workers then the government could tax it at 100 per cent and eliminate personal income tax. In reality, while the money comes from investors and business owners, everyone pays.

AMP chief economist Shane Oliver was among the experts unimpressed by the rise in taxation, which is part of a long-term trend that is fuelling bigger government.

The few modest tax cuts over the years were really to hide the fact that inflation, which is out of control, is driving Australians into higher tax brackets.

“I don’t see why we should be celebrating it,” he said. “It just means tax is taking more of people’s income.”

Which seems to be Dr Chalmers’ objective.