The federal government’s tax take is poised to hit its highest level since 2008 thanks to soaring resource profits and bracket creep delivering more income tax.
The federal government’s tax take is poised to hit its highest level in 15 years thanks to soaring resource sector profits and inflation pushing workers into higher tax brackets.
“The economy is currently kinder to government finances than at any other time in the century-and-a-half since gold rushes dominated the economies of the colonies,” he said. “The arbitrary tax cap that the [Morrison] government has imposed ... is something that they say to try to have a political argument rather than to try to generate a genuine economic outcome.”
“And the only thing that might stop a new record being set for the national tax revenue ratio will be weakness in states’ property stamp duty revenue. Everything else is booming.”
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