Australia is fairly stable compared to the rest of the world but the country needs more savings buffer if only to insulate its economy from global uncertainties.

This according to Federal Treasurer Wayne, who insisted on Friday that despite lowering budget deficit, more savings need to be generated as prudence dictates that deeper pockets lead to fewer complications.

And Swan reminded that Australia's pocket, at this point, is not too deep as he noted that the country realised its $3.6 billion savings mainly on delayed outlays or underspendings, settling the deficit from the earlier projection of $49.4 billion to $47.7 billion.

Another cause for concern, Swan said, was the $2 billion shortfalls in tax revenues as collections from corporate, individual and superannuation dues plummeted by more than $500 million each.

Those figures only underscored the necessity to dig deeper as Swan flagged the likelihood that Australia will eventually catch the global virus that is now hammering major economies in Europe and the United States.

"The events on international markets will have an impact on global growth, that will have an impact on domestic growth, that will have an impact on revenues and we are beginning to see that already," the Treasurer was reported by The Australian as saying.

Overall, the budget improvement failed to dampen both domestic and international concerns but Swan insisted that the surplus promised by Prime Minister Julia Gillard on 2013 is still in the horizon.

Yet in getting there, bumps are expected to be encountered, Swan said, with the government not discounting the possibility that goal revisions may be considered in the event that unforeseen circumstances, especially in the global theatre, suddenly plays out.

At this point, the European Union, led by Germany, is scrambling to prevent Greece from defaulting while the United States struggles with its economy that has failed so far to create enough job opportunities for many unemployed Americans.

Both scenarios, Swan stressed, is being closely monitored by the Australian government.

Despite Swan's insistence, the Coalition is doubtful that the budget deficit will be erased by the Labor-led government as Opposition finance spokesman Andrew Robb expressed disbelief that a deficit of more than $47 billion could reach zero level in two years time.

"The figures released today confirm that over the past two years this government has presided over the two biggest budget deficits in our nation's history, totalling $102.5 billion," Robb added.