(MENAFN) Australian Deputy Prime Minister and Treasurer, Wayne Swan, announced that the government has reduced the country's economic growth outlook for financial year 2012/2013 from 3.25 percent to 3 percent, reported Xinhua News.
Swan noted that deteriorating global conditions have slashed around USD22.6 billion in tax revenue over the forward estimates and USD4.13 billion alone in 2012/ 13.
The country's trade is expected to fall by 8 percent during the financial year, compared with an earlier forecast of a decline of 5.75 percent.
On the other hand, in 2012/2013, jobless rate would stay at 5.5 percent, and inflation would still be controlled.
It is worth noting that as a result of lower commodity prices and declining tax revenue, the Australian government has reduced its forecast surplus for this financial year to USD1.13 billion from USD1.54 billion.
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