Company tax receipts to be revised downwards for the first time since 2020, mid year budget update reveals

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Mining exports are set to plunge more than $100bn over the next four years and deliver an $8.5bn hit to company tax receipts, representing a $36bn reversal in forecast federal revenue compared with a year ago, this week’s mid year budget update will reveal.

Figures to be included in Wednesday’s mid year economic and fiscal outlook (Myefo) show China’s weaker economy is seriously hurting Australia’s mining industry, causing forecast company tax receipts to be revised downwards for the first time since 2020. This is due to the Treasury downgrading its four-year forecast for mineral exports by more than $100bn.

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