topic 4 stats Flashcards
2022-23 revenue
total = $560B
corporate tax = $92B = 24% of rev
income tax = $270B = 45% of rev
GST = $82B
2022-23 outlays
total = $628B
social security and welfare = $222B = 35.3% of rev
education = $45B = 7.1% of rev
defence = $38B = 6.1% of rev
health = $106B = 16.8%
2023-24 revenue
total = $680B
income tax = $325.9B = 24% of rev
corporate tax = $133.9B = 45% of rev
GST = $91.1B
2023-24 outlays
total = $684B
social security and welfare = $250.3B
health = $106.5B
education = $48.3B
defence = $42.8B (AUKUS)
budget outcomes
2020-21 = -$135B
2021-22 = -$80B
2022-23 = +$22B
2023-24 = +$9B
planned 2024-25 = =$23B
2024-25 revenue planned
total = $712B
income tax = $335.6B
corporate tax = $143.8B
GST = $92.1B
2024-25 outlays planned
total = $735B
social security and welfare = $266.7B
health = $112.7B
education = $53B
defence = $48B (AUKUS)
2021-22 tax rates
- tax free threshold = <$18,200
- lowest bracket = <$37,000 at 19%
- highest bracket = >$180,001 at 45%
2024-45 labour revised tax cuts
- tax free threshold = <$18,200
- lowest bracket = <$45,000 at 16%
- highest bracket = >$190,001 at 45%
corporate taxes
- small businesses (<$50M revenue) = 25%
- larger businesses (>$50M revenue) = 30%
planned vs actual budget outcomes
- 2019-20 planned surplus = $7B (structural)
- 2019-20 actual result = -$85B (cyclical) (non-discretionary +$92B spending)
ageing australia
- 2.7 people of working age for each Australian over 65 in 2050 vs 5 today vs 8 in 1970
- projects advanced economies age related spending to increase from 16.5 to 25%
students
- avg debt = $26,000
- avg income = $18,000
- youth unemployment = 8.23%
- student debt relief 2024-25 budget = $3B for 3M students
AUS after micro reform
- around 2.5% or $25B higher in 2005-06 after national competition policy reforms of the 1990s
- higher SOL by $1200pp
- rail freight rates have fallen by as much as 42 per cent while port and telecommunications charges have dropped by up to 50 per cent
