FINANCE Minister Penny Wong says the government's focus is on jobs and economic growth after Treasurer Wayne Swan revealed a budget surplus is unlikely for 2012/13.
Mr Swan on Thursday said he'd rather ditch the surplus than tighten fiscal policy further and risk local jobs and growth.
"Obviously dramatically lower tax revenue now makes it unlikely that there will be a surplus in 2012/13," he told reporters in Canberra.
Senator Wong said she supported the decision.
"Today we have been very clear about that and we have made this decision to be clear about the state of revenue," she told ABC Television on Thursday.
"We have to put jobs and growth first."
In October, Treasury had forecast a $1.1 billion surplus for 2012/13, a turnaround from a $43.7 billion deficit the previous year.
Senator Wong said the government had downgraded revenue forecasts for this financial year by $20 billion since the 2010 budget projections.
The Finance Department's latest monthly statement released on Thursday showed cash receipts for 2012/13 so far totalled $111.6 billion at the end of October, down almost $4 billion on expectations.
The main factor was company tax revenue, hit by profit declines.
"With the release today of this new data, we have said to the Australian people ... we are seeing further revenue downgrades and it is not responsible to continue to make cuts to offset this revenue downgrade," she said.
The budget bottom line was being hit by a high Australian dollar and its impact on the terms of trade - the prices Australia receives for its exports compared to its imports, Senator Wong said.
"They are certainly having an effect on profitability and therefore our revenue," she said.
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