AUSTRALIA 
No pleasant revenue surprises in budget: Swan
Sunday, 4 May, 2008
Federal Treasurer Wayne Swan. (AAP)
There will be no pleasant revenue surprises in the upcoming federal budget like those seen in recent years, Treasurer Wayne Swan says.
Mr Swan said the Howard government had been extremely lucky with bumper revenues but the Rudd government had not been blessed in the same way.
Mr Swan said the mining boom and improved terms of trade would not be enough to offset losses caused by global financial volatility and the US subprime mortgage crisis.
"We haven't seen this sort of volatility in the revenue figures for a long time," Mr Swan told ABC television.
"We will not see in this budget the revenue surprises on the upside that the previous government had.
"The previous government were very lucky, they were very lucky with those revenue surprises.
"It is true there are swings and roundabouts, there's no doubt that the revenue from the increase in the terms of trade will flow again, but on the downside we've got the fallout from the US subprime crisis which has impacted us on world growth."
Mr Swan said the government was standing by its commitment to deliver the tax cuts promised during the election campaign.
Source: AAP
