Government banks on revenue from tobacco crackdown and GST compliance to bring in billions in federal budget

Revenue to be boosted by $134.8bn due to higher personal income taxes buoyed by higher wages, higher company taxes and commodity prices

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Surging tax receipts and tweaks to existing programs will swell revenue by $134.8bn over the five years to 2026-27 compared with forecasts in Labor’s first budget seven months ago.

Of that, personal income taxes will contribute $74.1bn, buoyed by higher wages and more people in work. Companies will pay $52.7bn extra, thanks to higher commodity prices and a better-than-predicted outlook for non-financial firms, according to the budget.