Next month’s federal budget update is expected to revise down company tax receipts for the first time since 2020, amid continued low economic growth in the near term.
In his Wednesday ministerial statement on the economy, the forecasts remained subdued but Treasurer Jim Chalmers emphasised the upside.
Chalmers said any growth was welcome, given many countries’ economies have gone backwards. Treasury was expecting a gradual recovery “driven by rising real incomes thanks to our cost-of-living relief, jobs growth and progress bringing inflation down,” he said.
