Australia is on course to deliver a second straight budget surplus despite the increasing headwinds in China and geopolitical tensions weighing on the economy, said Treasurer Jim Chalmers.

He is scheduled to unveil his latest fiscal blueprint in nearly four weeks' time. However, similar to previous years, significant announcements regarding economic policies and projections are anticipated to be gradually revealed in the period leading up to the official release.

"The degree of difficulty on that second surplus has come up a little bit," Chalmers said in an interview with Bloomberg Television in Washington. "That's certainly our goal - we're not quite there yet," he said, going on to add that the economy is slowing and the labour market is weakening.

Chalmers made history as the first Australian treasurer in over a decade to declare a budget surplus for the fiscal year ending June 2023. This achievement was supported by buoyant commodity prices and a robust labour market. 

However, with the domestic economy showing signs of deceleration due to tight monetary policies and a deteriorating geopolitical climate, this surplus might be the last for the foreseeable future, Bloomberg reports.

"We will ease people's cost of living pressures where we can with a tax cut for every taxpayer in our budget, but a big emphasis on investing in the future as well," Chalmers stated.

That said, he warned that pressures on the budget are "intensifying rather than easing" in the medium term, and "the revenue upgrades in this budget will be much, much smaller than what we've seen."

Additionally, according to an International Monetary Fund Fiscal Monitor report, Australia had the second-strongest budget balance among G20 countries last year.

The report showed the government had risen from 14th place in 2021 to 2nd place in terms of balancing budgets, putting Australia ahead of economies including Germany, Japan, the UK and the US.

A joint statement between Chalmers and finance minister Katy Gallagher was issued following the release of the IMF's report.

"The calendar year data from the IMF combines the fiscal positions of both the Commonwealth and state and territory governments," the joint statement says.

"Our responsible management is ensuring that fiscal policy is taking the pressure off inflation when it is at its highest.

"The Albanese government delivered Australia's first surplus in 15 years in 2022-23, achieving a $100 billion turnaround in the forecast inherited from the former government. A second surplus in next month's budget remains within reach."