Monday, February 07, 2011

Oh yes. The great big new tax

Possum puts it into perspective.

"It makes you wonder why the government even bothered. Treasury’s revenue estimates are usually out by more than that every year – so don’t be surprised if, ultimately, the levy turns out to have not been needed to bring the budget back into surplus in 2012/13."

Actually, it'll contribute to the forecast surplus in 2012-13 scarcely at all.

$1.6 billion of the 1.8 billion will go to the 2011-12 budget.

The 2012-13 budget gets just $0.2 billion.

Like I said, mostly harmless.

Related Posts

. Expect worse. Swan on the economic impact

. GDP to take a $7 billion hit, mostly in one quarter

. Knock me down with a feather - the levy that'll tickle