Australia's federal budget revenue increase smaller due to global economic weakness and domestic slowdown.

Global economic weakness and domestic slowdown lead to smaller revenue increase in Australia's federal budget, according to the government. Tax receipt upgrades, excluding goods and services tax, are expected to be over A$100bn below the A$129bn average upgrade in the past three budgets due to global economic weakness, slower domestic economy, softening labor market, and lower commodity prices. The government still expects a budget surplus on May 14.