Here are the final results of Joe Hockey's first budget

Joe Hockey. Photo: Getty Images

The final numbers are in for the 2014-15 year federal budget.

And it shows an underlying cash deficit of $37.9 billion, about $8 billion more than the $29.8 billion forecast by treasurer Joe Hockey when he announced his first budget in May 2014.

However, against a re-forecast in May this year, the result is a $3.3 billion improvement, mainly due to government spending being $2.9 billion lower than expected.

There was a slight improvement in revenue against forecasts. Total receipts were $1 billion higher than expected at the time of the 2015-16 budget.

The deficit of $37.9 billion represents 2.4% of GDP (gross domestic product).

Australian government sector net debt was $238.7 billion or about 14.8% of GDP, which is $11.5 billion lower than estimated at the time of the 2015-16 budget.

The numbers were released jointly by Hockey and Mathias Cormann, the finance minister.

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