Statement 5: Revenue
Overview
Relative to the Pre‑Election Economic and Fiscal Outlook 2007 (2007 PEFO), total revenue for 2008‑09 is expected to be higher. Stronger growth in nominal incomes, partly due to a strong rise in the terms of trade, is expected to increase taxation revenue from individuals' income and company profits. Additional revenue will be raised from policy decisions such as the deferral of income tax cuts for those earning over $180,000. These gains are partially offset by global financial market turbulence, which are expected to reduce capital gains tax (CGT) collections, and increase borrowing costs.
Revenue estimates for 2007‑08 and 2008‑09, together with projections for the period from 2009‑10, are provided in Table 1.
Table 1: Total Australian Government general government revenue(a)
- The revenue estimates in this statement include GST revenue, which is collected by the Australian Government and provided to the States and Territories. A discussion of GST revenue is also provided in Budget Paper No. 3, Australia's Federal Relations 2008‑09.
- Real growth is calculated using the consumer price index (CPI).
Information on the effect on the revenue estimates and the tax‑to‑GDP ratio of accounting for GST in the revenue estimates for the first time is provided in this statement in Box 5.
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