Finance Minister Simon Birmingham says budget discipline is crucial, but insists it is going to be a little while before the government enters the 'budget repair' phase.
Australia is running its largest ever deficits due to emergency economic support measures like JobKeeper, but Treasurer Josh Frydenberg had pledged budget repair would commence once the unemployment rate was sustainably below six per cent.
The jobless rate unexpectedly fell to 5.8 per cent from 6.3 per cent in February figures released last week.
But like the treasurer, Senator Birmingham believes at this stage that fall is not certain to be sustained.
"Budget discipline is crucial," Senator Birmingham told Sky News' Sunday Agenda program.
"And so it is now entering at least the balancing phase of keeping the economic and jobs growth going but being ever vigilant in terms of how we make sure that we do achieve an improving budget position out of the depths of the pandemic that we faced."
The JobKeeper wage subsidy closes at the end of March amid some concerns its demise could see the unemployment rate tick up again.
The 2021/22 budget is due on May 11.
One program that could see a revamp is the $4 billion JobMaker hiring credit scheme which pays businesses who take on young workers.
After previous recessions, young people have taken longer to find work compared to other age groups.
However, reports suggest that just $800,000 had been paid out so far for only some 500 hires.
"Pleasingly, the strength in the jobs market does mean that the JobMaker isn't taking off entirely as anticipated," Senator Birmingham said.
Of the 87,000 new jobs created in February, 40 per cent of those went to young people.
As such, the government is looking carefully at the ongoing take up of JobMaker.
"It's still early days in the life of that programme," he said.
"But if some tweaks can ensure that it achieves its objectives, particularly around young people, then we'll look at that in the budget context."
