Budget boost from "red hot recovery" as economy bounces back from pandemic; major banks to report bumper profits as worst case scenario avoided

The budget bottom line is set to be boosted by Australia's "red hot recovery" from the COVID recession with $31 billion set to be shaved from the deficit, according to Deloitte Access Economics. 

The optimism comes as major banks prepare to unveil higher profits, in stark contrast to gloomy predictions this time last year. 

Citi banking analyst Brendan Sproules tells ABC's Peter Ryan banks are now under pressure to review loan loss provisions introduced when unemployment was expected to surge into double digits.

Here's my analysis on RN Breakfast with Fran Kelly