Income tax take above forecast, but GST falls 3.8%

A drop in consumption meant GST revenue was $300m below forecast. (Image: Visa)

Tue, 08 Nov 2022

The government took in $26.7 billion in tax revenue for the September 2022 quarter, just half a percent lower than forecast. Tax income from deductions exceeded forecasts, but was more than offset by lower goods and services tax (GST) and road transport income. Corporate tax was 4% or $200 million below forecast at $4b.A strong labour market meant source deductions were ahead by $500m. GST revenue was $300m (3.8%) below forecast, which the Treasury attributed to an ongoing drop in consumption.Other indirect taxes were $200m (24.2%) be...

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