The outlook for tax receipts in 2010‑11 and 2011‑12 is significantly weaker against a more subdued near term economic outlook and larger than anticipated losses associated with the global financial crisis. Since the 2010‑11 MYEFO, tax receipts in 2010‑11 and 2011‑12 have been revised down by a total of $16.3 billion (with downward revisions since the 2010‑11 Budget of $19.1 billion over the same period).
Tax receipts in 2012‑13 and over the remainder of the forward estimates are projected to improve with the strong outlook for the economy, and in broad terms, remain little changed from the levels of tax receipts expected at the 2010‑11 Budget and 2010‑11 MYEFO. The benefits to tax receipts of stronger growth prospects from 2011‑12, underpinned by the resources boom, are moderated by significant depreciation expenses associated with strong investment in mining, continued caution on the part of consumers, a strong dollar and the continued utilisation of losses associated with the global financial crisis.
Over the four years from 2010‑11 to 2013‑14, tax receipts have been revised down by $12.4 billion since the 2010‑11 MYEFO (with revisions since the 2010‑11 Budget of $22.3 billion).
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