According to the latest report by the Australian Bureau of Statistics (ABS), the country’s tax revenues fell during the last financial year. The total tax take, across all Government levels, fell to 26.9 percent of the GDP, compared to a level of 29.5 percent of GDP in 2007-08 fiscal year.
On April 27th the ABS published the latest issue of Taxation Revenue, Australia, 2008-09, containing statistics of revenues collected by tax authorities on a Commonwealth, state and local level. The publication reveals that the Australian Government’s annual tax collection fell by AUD 9.45 billion (approx. USD 8.74 billion) to AUD 338.9 billion (approx. USD 314.2) in the 2008-09 financial year. The total tax collection represents 26.9 percent of the national GDP, a fall of 3.3 percent when compared to the 2007-08 fiscal period. The tax ratio figure is the lowest for Australia since 1972.
On a Commonwealth Government level, personal income tax revenue decreased by AUD 397 million (approx. USD 367 million) in the last financial year. Goods and Service Tax collection fell by 4.0 percent. Corporate income tax decreased by AUD 3 877 million (approx USD 3 585 million), the largest single drop across all categories. Income taxes levied on individuals contributed a total of 38 percent to the national tax revenue. The figure has risen by one percent compared to the 2007-08 and 2006-07. Conversely, tax contribution from enterprise income fell by 2 percent, to 21 percent.
All Australian state-level authorities reported decreases in total tax collections in the 2008-09 financial year, except for Northern Territory. Western Australia experienced the most significant decrease in revenue, with a tax collection drop of AUD 841 million (approx. USD 777 million). Northern Territory recorded a tax revenue increase of AUD 10 million.
Photo by jandb.palmer
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