Oz suffers corporate tax take collapse

The Australian government is to revise its corporate tax take estimates for
the coming financial year following a $3.3bn (£1.65bn) decline in revenue based
on forecasts just three months ago.

The federal budget was announced by treasurer Wayne Swan yesterday, with the
official budget papers revealing a ‘sharper contraction in corporate profit’,
according to
theage.com.au

Corporate investment is expected to weaken sharply following the mining boom
of the past four decades, with an estimated 18.5% drop over the next 12 months.

The Rudd government will almost triple the value of debt securities on issue
to $300.8bn (£150.8bn) over the next four years, including $58bn (£29bn) this
year.

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