Australian government's revenue in the year ending June 2013 will be A$12 billion less than previously expected, reports said citing a text of speech to be delivered by Prime Minister Julia Gillard on Monday.
"This unusually low revenue, which wasn't forecast even a few months ago, creates a significant fiscal gap over the budget period," Gillard said.
"The amount of tax revenue the government has collected so far this financial year is already A$7.5 billion less than was forecast last October," she was quoted as saying.
The government is due to present its annual budget on May 14.
Treasurer and Deputy Prime Minister Wayne Swan has already made it clear that the government may not reach its goal of returning to a budget surplus this fiscal year due to lower-than-expected revenue.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.