Oz suffers corporate tax take collapse
Australia records $3.3bn (£1.65bn) hole in company revenues
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’,
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