Rann’s $572M revenue windfall
Friday, 29 December 2006
Latest figures show the Rann Government is going to collect an expected windfall of $572 million in extra revenue over the next four years, Shadow Treasurer Rob Lucas said today.
The Mid Year Budget Review (MYBR) released just before Christmas details the extraordinary windfall gains in just the three months since the September Budget.
Total Revenue ($m) (Sept Budget est) (Column 2)
Total Revenue ($m) (MYBR Dec est) (Column 3)
Rev Windfall ($m) (Column 4)
2006/07 11264 11404 140
2007/08 11636 11796 160
2008/09 11952 12105 153
2009/10 12351 12470 119
- - 572
“One of the major factors, in addition to GST windfall, for this unexpected bonus is the massive extra collection from property taxes such as stamp duty on conveyances, land tax and the Emergency Services Levy,” Mr Lucas said.
“Property taxes are now budgeted to take in an extra $156 million over the four year period.
“In fact property tax collections will be $1194 million this year – which is more than 60 percent higher than the $731 million collected in the last Liberal Government budget of 2001/02.
“Sadly Mr. Rann and Mr. Foley will probably just waste this revenue windfall as they have wasted the almost $3 billion a year in extra revenue that they are currently collecting.
“Sooner or later Mr. Foley will have to realise that he has to stop government waste and mismanagement, such as:
• Budgeting for an extra 1,000 extra public servants in the last four budgets, but ending up with more than 9,000!
• Blowouts of hundreds of millions of dollars in transport and health capital works projects
• Up to $100 million extra on an opening bridge in Mr. Foley’s electorate and $31 million for a tram from the Treasury to the Casino.
“It is time for Mr. Rann and Mr. Foley to get their hands out of the pockets of long suffering taxpayers and use some of this windfall to provide extra tax relief to South Australian families and businesses.”