Deloitte Access Economics partner Chris Richardson has released his influential, twice-yearly Budget Monitor, which paints a pretty picture for Australia’s “red-hot” recovery from the economic impact of the CCP virus pandemic. As a result, smaller deficits than forecast are expected when Treasurer Josh Frydenberg hands down his budget on May 11. This puts Australia tens of billions of dollars better off than was expected just a few months ago. “Our red-hot recovery is helping the budget get better,” Richardson said. Deloitte said this was the result of jobs returning after last year’s recession faster than Treasury assumed, soaring iron ore prices, and households’ willingness to spend. In fact, there are more jobs now than prior to the pandemic, and far fewer businesses made losses than Treasury expected. That said, the economy is still under pressure, but just not as much as was previously forecast. All up, Richardson expects deficits will be almost …