Govt revenue $6bn less than forecast FEDERAL government revenues are running just over $6 billion less than was forecast at the time of the mid-year budget review, new Finance Department data shows. The financial statement for January, released on Friday, showed the underlying cash balance at $26.8 billion in the financial year to January. This compares with the $21.7 billion estimated for the year to January at the time of the mid-year fiscal and economic outlook (MYEFO) released in October, and when the government was still predicting a $1.1 billion budget surplus. Treasurer Wayne Swan subsequently shelved his surplus promise in December. Total revenue was $6.06 billion less than MYEFO had projected by January. A spokeswoman for Finance Minister Penny Wong said tax receipts were well below forecast, mainly due to the substantial hit to company profits as a result of the high Australian dollar, falling commodity prices and continued global economic uncertainty. "The government has continued to exercise spending restraint," she said. Total expenses were $1.38 billion less than predicted in the MYEFO by January. The combined total of the government's minerals and petroleum resource rent taxes was $403 million in January for $1.55 billion in the financial year to date. This compared with a MYEFO prediction to January of $5.58 billion.