The federal budget has had a $2.3 billion hole punched in it by lower-than-expected company tax collections and Australians eager to get their hands on the first stage of the Morrison government's personal income tax package.

Figures from the Finance Department covering the first two months of the 2019-20 financial year show company tax – which had been predicted to deliver $100.6 billion to Canberra's coffers – down $2.1 billion on expectations.

Company tax collections are running $2.1 billion behind expectations early in the 2019-20 budget year. Credit:Louie Douvis

Strong company tax collections, particularly out of the iron ore sector on the back of strong prices, helped deliver the government a $700-million deficit in the 2018-19 budget. It was the best budget bottom line in more than a decade.

This year, Treasurer Josh Frydenberg is forecasting a surplus of $7.1 billion.