"where do you think all that revenue has come from". .....
Total revenue is projected to increase from 26.4% of GDP in 2023-24 to 26.6% of GDP in 2033-34, largely driven by personal income tax due to bracket creep and superannuation taxes due to higher employer contributions.
Company tax revenue is projected to decrease from 5.1% of GDP in 2023-24 to 4.6% of GDP in 2033-34 as commodity prices return to trend.
Goods and services tax (GST) revenue is projected to remain stable as a percentage of GDP across the medium term, as are most other revenue categories.
The aggregate average personal income tax rate is projected to increase across the medium term to a record high of 27%, even after Stage 3 of the Personal Income Tax Plan is implemented.
yep they had windfall from company tax due to higher resource prices.... and bracket creep.
revenue is a given. its what they do with the money that makes the difference. and by the net debt chart they've paid down approx $100Bn in the 18 months they've been in control. and that with important promises kept to increase pensions and put a couple of $Bn up for housing just a couple of the increases. yet they've saved a lot of money from cutting some infrastructure builds such as car parks and shooting club buildings as well as some larger projects. they've rationalised (remember Howard rationalising spending? it produced results) a lot of spending, as Chalmers said in the last budget around $70Bn in savings.
and as far as I've read they haven't been "spendthrift" nor wastrels as others recently have been. it seems that Chalmers has some things in common with Costello.... he seems to know what he's doing.
