Australia expects lower revenue upgrade in budget

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.