Tax revenue surge improves budget bottom line but big deficit awaits

A surge in tax revenue from everyday workers, companies and superannuation funds plus lower-than-expected unemployment levels are helping the federal budget recover from the fiscal fallout of the COVID-19 recession.

The department’s data shows the budget deficit to the end of October for this financial year was $43.9 billion, a $7.9 billion improvement on what had been expected. But a portion of the improvement is due to income tax returns being $3.4 billion or more than 12 per cent short of forecasts. This may have been caused by lockdowns which prevented individuals from completing their tax returns.Company tax collections, due in large part to surging iron ore prices, are 34 per cent ahead of expectations while superannuation tax collections are 50 per cent up on forecasts due to the strong sharemarket.

swrighteconomy Of course the every day worker is providing money. The 1% never pay for shit

swrighteconomy Isn't it being redirected to high income earners?

swrighteconomy As always the Australian taxpayer bankrolls excessive handouts to small and medium businesses to the tune of 36 billion dollars during Covid

swrighteconomy ScottMorrisonMP Still no wage raise

swrighteconomy People started believing/working to common/shared security policy amd goals, being Aussie?

swrighteconomy Scott Morrison is highest taxing government in more than 30 years.

swrighteconomy 'A surge in tax revenue from everyday workers, companies & superannuation funds are helping the federal budget recover from the fiscal incompetence of not having a suitable claw-back provision for JobKeeper.' Morons! 😠 ScottMorrisonMP JoshFrydenberg AlboMP JEChalmers

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