Information released by the Australian Bureau of Statistics this week on tax revenue during 2006-07 confirms that taxes on property have continued to soar. The rate of growth for taxes on property at the state level was almost 10% higher than the national average rate of growth for total tax revenue collected.
Overall the total taxation revenue collected in Australia for 2006-07 rose $22,039million or 7.4% in comparison with the total tax revenue collected for 2005-06. This increase was largely driven by proportional increases in revenue collected from income tax (7.5%) and GST (5.3%) at the Commonwealth Government level.
The sole source of taxation revenue for Local Governments is taxes on property, usually in the form of municipal rates. Local Government revenue increased 7.8% in this period, a rate
very similar to the national average.
The tax revenue collected at State Government level increased 10.6% over the same period. The ACT recorded the highest percentage increase in total taxation revenue of 18.8% in 2006-07, due mainly to increases in taxation revenue from stamp duties on conveyances.
Total taxation revenue in the Northern Territory decreased by 2.4% due to a fall in the revenue received from stamp duties.
Taxes on property at the State Government level rose 17.3% due largely to a 19% rise in stamp duties on conveyances and a 20.7% increase in land taxes received. The largest percentage
increase occurred in Queensland at 30.4%, followed by NSW at 28.7%.
There were significant increases in revenue collected from taxes on property in all states except for the Northern Territory
Source REIA newsletter
The worrisome figures are stamp duty and land tax rises by state government.
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