Second surplus on track for Australia but budget will report a fall in revenue, says treasurer

Jim Chalmers says slide in iron ore prices and uptick in jobless rate mean budget will report a much smaller revenue upgrade than in recent years

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The government remains on track for a second straight surplus but the recent slide in iron ore prices and an uptick in the jobless rate mean the budget will report a much smaller revenue upgrade than in recent years, treasurer Jim Chalmers said.

The coming budget, to be released on 14 May, will aim to address slowing economic growth, “persistent cost of living pressures”, and increased global uncertainty, Chalmers will tell a Committee for Economic Development of Australia lunch in Sydney on Thursday.

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