Iron ore price, cooler job market to weigh on budget: Chalmers

The federal government’s revenue expectations will be downgraded significantly in the May budget due to falling commodity prices and a softening jobs market, Treasurer Jim Chalmers will reveal on Thursday.

While the government is still striving to deliver a budget surplus for this financial year, Dr Chalmers will send a message to colleagues, lobbyists and others looking for funds about the need for restraint due to a downgraded revenue windfall.