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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The Solvent and Extractors Association of India (SEA) the umbrella body of oil extractors and solvent manufacturers in a press statement had attributed this to the current 5.5 per cent import duty on crude palm oil.
Sitharaman was responding to a question on stability in the capital gains tax regime amid a rally in the Indian equities markets over the past three years, in a post-Budget interview with Network 18 with Editor-in-Chief Rahul Joshi.