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Australia’s Treasurer announced that the country’s federal budget for the year ending June 30 will show a smaller revenue upgrade compared to the previous year, as reported by Reuters on Thursday.
Treasurer Jim Chalmers stated that the revenue upgrades will be significantly less than the over A$100 billion increase seen in the previous year.
The decrease is attributed to lower commodity prices, especially for iron ore, and a rise in unemployment, with the country’s jobless rate reaching a two-year high in January.
