In one of his last acts as treasurer, Joe Hockey has released the final budget outcome for the 2014-15 financial year.

In a joint statement with Finance Minister Mathias Cormann, they said the budget recorded a deficit of $37.9 billion, which was a $3.3 billion improvement compared with the estimate at the time of the 2015/16 budget released in May.

“The improvement in the bottom line was driven by government spending being $2.9 billion lower than expected,” they said on Monday.

• Turnbull’s ‘21st century’ Cabinet
• Turnbull sweeps aside the past
• Joe Hockey’s potential new job

In addition, total receipts were $1 billion higher than expected in May, while net government sector debt was $238.7 billion, $11.5 billion lower than estimated.

“The government is continuing to reduce the deficit and debt and is lowering the spending growth trajectory of the previous government,” they said.

Mr Hockey had given a broad outline of the result last week during the final day of the parliamentary sitting week.

He was dumped as treasurer as expected, when Prime Minister Malcolm Turnbull unveiled his new-look ministry on Sunday.

Mr Hockey said he will resign from parliament.

Scott Morrison will be sworn-in as the new treasurer on Monday while Senator Cormann retains his position.