Australia predicted to avoid worst of downturn as IMF warns of global recession

Even though commodity prices had started to retreat from record highs, they should continue to boost company taxes over the four years. All up, firms would pay $80.6bn more than anticipated in March, Smith said.

Individuals would chip in about $17bn more than expected, while GST would rise by $4.1bn and additional excise would add $5.3bn to revenues over those four years, he said.

The IMF left its global growth forecast for 2022 unchanged from its July prediction at 3.2%, but trimmed its 2023 estimate by 0.2 percentage points to 2.7% growth.