Shadow Treasurer Rob Lucas said today latest figures released by the Federal Government show the total GST windfall to South Australia was now $1.7 billion over the seven years to 2009-10.
In fact, the Federal Government is estimating that in two years the annual increase in the size of the actual GST windfall will be the equivalent of adding a new Emergency Services Levy (ESL) on taxpayers each and every year!
The following table includes Federal Government estimates for the first time for 2008-09 and 2009-10:
Annual GST windfall ($m)
It is now clear the annual GST windfall is growing so quickly it will collect more revenue than either land tax, gaming machine taxes or the ESL in the state budget!
When the revenue windfalls from property taxes and broken election promises (Rann promised not to increase taxes and charges and no new taxes) such as new Rann water tax and massive increases in stamp duty and gaming taxes are also considered it is obvious the Rann Government is now drowning in surplus cash!
Rann and Foley are now the highest taxing Premier and Treasurer in SA history and they have to realize taxpayers are screaming at the broken promises and the high levels of tax they are paying.
Whilst in recent months protest groups continue to protest on land taxes the feeling against other types of property taxes remains just as strong.
Liberal Leader Rob Kerin has already promised further reductions in land tax as part of a comprehensive tax relief package to be released before the next state election.
These latest GST windfall figures indicate the state budget can afford it.