CANBERRA: Australia's six states and two territories would receive an extra A$3bil over five years from a national goods and services tax (GST), Prime Minister John Howard said yesterday.
“It is in large measure a product of a booming economy, it's not a product of higher tax rates ... courtesy of the GST the states are rolling in money,” Howard told Australian radio.
The 10% value-added tax, introduced shortly before the Sydney Olympics in 2000, brought in A$24.3bil in its first year.
It was projected in the May budget to bring in A$35.2bil in revenue for the fiscal year ending June 30, 2005. – Reuters
Did you find this article insightful?