Wednesday’s mid-year budget update will downgrade company tax receipts by $8.5 billion over the four years to 2027-28, and show “slippage’ in the bottom line in some years of the forward estimates, Treasurer Jim Chalmers says.
The company tax downgrade is the first since 2020 and reflects weaker volumes in commodity sales as the Chinese economy faces problems. Mining exports will be downgraded by more than $100 billion over the four years to 2027-28.
Chalmers said "the global economy is uncertain, the global outlook is unsettling and that’s weighing heavily on our economy”.
