The federal government has cut company tax receipts for the first time since the pandemic because of weaker profits from the mining sector, but has left unchanged its iron ore and coal forecasts, which analysts say are too conservative.

Treasurer Jim Chalmers revised down company tax receipts by $6.6 billion for 2024-2025 and by $8.5 billion over the four-year outlook period in the mid-year budget update released on Wednesday. That’s the first time they have been downgraded since the 2020-2021 budget.