Australia witnesses an ever-low bump in its revenue in 2024 as the slowing global economic scenario continues to affect more world economies.

On Sunday, it said tax receipt upgrades in the budget, excluding those from goods and services tax, were expected to be more than A$100 billion ($66.08 billion) below the A$129 billion average upgrade in the last three budgets.

“We are realistic about the challenges facing our economy and our budget – this includes not expecting the same sorts of massive revenue upgrades that we’ve seen in recent budget updates to continue,” Treasurer Jim Chalmers said in a statement.

Chalmers has previously pointed to weaker commodity prices, in particular for major export iron ore, and rising unemployment as key drivers for the change. Australia’s jobless rate hit a two-year high of 4.1% in January.