Total accrual revenue in 2006-07 of $237.0 billion was $1.5 billion above the estimate in the 2007-08 Budget, reflecting higher than expected taxation revenue of $1.0 billion and higher non-taxation revenue of $431 million.
Taxation revenue from superannuation funds' contributions and earnings rose by 40 per cent in 2006-07 to be $387 million (5.4 per cent) higher than the estimate in the 2007-08 Budget, reflecting greater than expected strength in the contributions made to, and the realised capital gains earned by, superannuation funds. Company taxation revenue was $268 million (0.5 per cent) higher than the estimate in the 2007-08 Budget, mainly reflecting stronger than expected company profits and higher than anticipated payments relating to the Australian Taxation Office's compliance programme.
The variation in non-taxation revenue of $431 million is largely a result of:
- an increase of $151 million in dividend income of the Future Fund largely due to franking credits being recognised as an entitlement when dividends accrue; and
- higher than expected revenue of $72 million received by the Defence Materiel Organisation for services provided to foreign governments.
Table 2: Australian Government general government sector revenue
- Includes Medicare levy revenue of $7,235 million.