The Federal Budget lost another $2 billion in revenue through January on top of the $4 billion it had dropped since the start of the financial year.
Treasurer Wayne Swan today revealed the shortfall for January while outlining plans to audit the policies of all parties following the September 14 elections.
Figures released last week showed the Budget falling into the red on the back of a drop in corporate taxes and the mining tax.
The Budget to the end of the calendar year was at least $2.4 billion behind where it needed to be if it was to remain on track for a surplus of $1 billion.
But Mr Swan said the drop-off in corporate taxes had continued into the new year, to the tune of about $2 billion.
The Treasurer used an address to the Australian Business Economists to argue the fall in revenue was not largely due to the shortfall in mining tax collections
“The MRRT - as a profits based tax – has been impacted substantially by the slump in commodity prices, but the MRRT is still only responsible for around 20 per cent of the write down in revenues,” he said.
“If only it had attracted just 20 per cent of the commentary.”
Mr Swan said the revenue shortfalls now being experienced would reverberate through future Budgets, although he argued the Government was also benefiting from some of its spending cuts.
“These revenue shortfalls will obviously impact beyond the current year,” he said.
“But we’ve maintained our expenditure restraint, with spending more than $1 billion below (the mid-year) estimates for the last six months of 2012.“This means that payments remain on track to be around 23.8 per cent of GDP in 2012-13 – lower than half of the budget outcomes delivered by the Howard Government.”
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