The Morrison Government says cautious forecasts about iron ore prices are likely to lead to positive revenue updates, but voters will have to wait for the April 2 Budget to find out if they will benefit.

The surging price of the commodity, currently trading around $US87 ($122) a tonne, could lead to a windfall of as much as $6 billion, economists say.

Finance Minister Mathias Cormann says this is partly because the coalition has avoided relying on “completely unrealistic” forecasts.

Finance Minister Mathias Cormann said the Coalition had ended the “completely unrealistic” forecasting assumptions contained in the previous Labor government’s figures.

“Over a number of Budgets and Budget updates we had to downgrade revenue forecasts because the price of iron ore went from about $120 a tonne down to the mid-40s,” he told Sky News on Friday.

“Under our Government, we have been much more realistic and much more cautious in terms of our forecasting assumptions when it comes to things like the price of iron ore, and that helps to ensure that ... updates are more likely to be positive, in the upside, rather than to require write-downs.”

He declined to say whether any windfall would translate into a pre-election sweetener for Australians.

“It’s not much longer to go to the ... first Tuesday in April.”