Tax revenue reaches Howard-era levels and it’s workers and super funds paying

Income taxes from workers jumped by 7 per cent to reach $212 billion. Since the Coalition came to power, personal income tax revenue has climbed by 25 per cent or almost $43 billion.

The single largest increase last financial year was in superannuation taxes which soared by a third in 12 months to $10.9 billion. Over the Coalition’s term in office, taxes from superannuation have increased by 78 per cent.

Company taxes lifted by $14.6 billion in 2017-18, a jump of 20 per cent. But that followed two consecutive years of falling company tax collections.

Federal taxation hit a record $17,094 per person through the year, a jump of $1299 in just 12 months.

It’s not just the federal government collecting more tax.

NSW residents and businesses pay the most tax in the country with a per person rate of $4464, down by $3 over the previous year. It would have been higher but for a decline in stamp duty which fell by $300 million as Sydney house prices dropped.

They edge Victorian business and residents who pay, on average, $4377.

The slowdown in the West Australian economy is evident with residents and businesses there now paying $4180 per person. Two years earlier, the per capita average was $4362, the highest in the country.

The Reserve Bank has noted that the tax paid by households has been growing faster than overall income, on the back of better tax compliance enforcement.

Mr Morrison, campaigning in Perth, said the Coalition had improved the budget in part by keeping taxes under control.

Prime Minister Scott Morrison said the Coalition had improved the budget in part by keeping taxes under control.

Prime Minister Scott Morrison said the Coalition had improved the budget in part by keeping taxes under control.Credit:AAP

«You tax the economy too high and you slow it down. It not just a few million Australians who are impacted but 25 million Australians who are impacted.»

Treasurer Josh Frydenberg said the figures reflected the strength of the economy, adding that the Coalition’s planned tax cuts would reduce the overall burden on workers going forward.

«Consistent with our formalised tax-to-GDP cap of 23.9 per cent, we have legislated tax relief to protect income earners from bracket creep. Our strong fiscal management means that we can deliver surpluses while also rewarding hard working Australians and supporting small businesses,» he said.

«Under Labor, the tax-to-GDP ratio would increase from 23.3 per cent in 2019-20 to 25.9 per cent in 2029-30, making a potential Shorten government the highest taxing government in Australia’s history.»

Shadow treasurer Chris Bowen says new ABS figures show the budget is being built on high taxes from the Coalition

Shadow treasurer Chris Bowen says new ABS figures show the budget is being built on high taxes from the CoalitionCredit:Alex Ellinghausen

But shadow treasurer Chris Bowen said the figures showed that no matter whoever wins the May 18 election, Australia would remain a low tax jurisdiction compared to the OECD.

«This tax data just proves how hypocritical the Liberal Party is when it comes to talking ‘low taxes’ but actually delivering higher taxes,» he said.

«This is a reminder that the Liberals have relied on higher taxes for budget repair – not something you will ever hear Josh Frydenberg admit.»

Shane is a senior economics correspondent for The Age and The Sydney Morning Herald.

Most Viewed in Politics

Loading

Источник: Theage.com.au

Источник: Corruptioner.life

Share

You may also like...