SYDNEY (Reuters) – The Australian government said on Sunday a weak global economy and a slowdown in the domestic economy were among the reasons federal budget revenue increases for the year ending June 30 were smaller than in recent years. Announced.
The Labor government is expected to report a budget surplus on May 14, but predicted in March that revenue growth would be weaker than last year due to falling commodity prices and a weakening labor market. It was showing.
The committee said on Sunday that tax revenue increases in the budget, excluding the goods and services tax, are expected to be more than A$100 billion ($66.08 billion) lower than the average increase of A$129 billion in the previous three budgets. announced.
It said the expected results were due to a weak global economy, a slowing domestic economy, a softening labor market and falling commodity prices.
“We are realistic about the challenges facing our economy and budget, including that we do not expect a continuation of the large revenue increases seen in recent budget updates,” Treasury Secretary Jim Chalmers said in a statement. It also includes.”
Mr Chalmers previously pointed to falling commodity prices, particularly the key export iron ore, and rising unemployment as the main drivers of the change. Australia’s unemployment rate hit a two-year high of 4.1% in January.
He warned in April that events in the Middle East were raising concerns about the global economy and that the government’s budget would be decided in May.
($1 = 1.5133 Australian Dollar)
(Reporting by Sam MacKeith in Sydney; Editing by Christian Schmollinger)