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The federal government revenues are continuing to fall.
(Aussie ABC News, 0:03~0:06)

It seems the is said by the news presenter; yet, I am not so sure the script uses articles. Does the sentence need the article before "federal government"?

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That sentence is similar to "The children are crossing the street." In both the cases you use the definitive article because you are referring to something specific.
In your sentence, you are not generically speaking of revenues, but you are speaking of the federal government revenues.

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