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Slowing global economy to mean smaller revenue bump in Australian budget

Global economic weakness and a slowing domestic economy were among the reasons Australia will report a smaller revenue increase in its federal budget for the year ended June 30 compared to recent years, the government said on Sunday. The Labor government is expected to report a budget surplus on May 14, although it flagged in March a revenue upgrade would be smaller than the year before as commodity prices fell and the labour market softened. The anticipated result was because of weakness in the global economy, a slower domestic economy, a softening labour market and lower commodity prices, it said.

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