Insights into Government Finance Statistics, December 2023

Observations and analysis of the December quarter 2023 Government Finance Statistics data

Released

3/04/2024

Source

Government Finance Statistics, Australia, December 2023

Taxation revenue

Australia’s taxation revenue increased 13.1% ($23.4 billion) in the December quarter, and 6.4% ($12.2 billion) through the year (a). This was similar to through the year growth in December 2022, but remained higher than pre-Covid19 growth rates. Total taxation revenue rose approximately 38.3% ($55.8 billion) from December quarter 2019 to December quarter 2023.

Commonwealth taxation was the largest component of taxation revenue, accounting for around 78% to 85% in any given quarter. Many Australians receive income tax refunds shortly after the end of the financial year. As a result, Australia’s taxation revenue typically increases in the December quarter following relatively lower personal income tax collected during the September quarter.

Through the year growth is the percentage change compared to the same time of the previous year.

All Australia taxes for general government
	All Australia, through the year growth (%)	Commonwealth government contribution ($b)	State & local government contribution ($b)
Sep-18	6.2	99.7	27.1
Dec-18	1.8	117.1	26.0
Mar-19	3.8	111.3	24.8
Jun-19	5.2	127.9	25.9
Sep-19	1.5	101.8	26.9
Dec-19	1.8	118.0	27.8
Mar-20	1.4	111.7	26.2
Jun-20	-8.2	118.3	22.9
Sep-20	-1	101.8	25.6
Dec-20	2.2	121.8	27.2
Mar-21	5.3	116.9	28.3
Jun-21	21.4	140.9	30.5
Sep-21	12.3	111.9	31.1
Dec-21	19.9	145.3	33.3
Mar-22	16	135.5	32.9
Jun-22	12.6	158.8	34.1
Sep-22	12.4	126.3	34.5
Dec-22	6.1	155.5	34.0
Mar-23	7.5	148.5	32.6
Jun-23	16.1	189.5	34.5
Sep-23	10.9	141.8	36.4
Dec-23	6.4	164.3	37.3

All Australia taxes for general government

["","All Australia, through the year growth (%)","Commonwealth government contribution","State & local government contribution"]

[["Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23"],[[6.2000000000000002],[1.8],[3.7999999999999998],[5.2000000000000002],[1.5],[1.8],[1.3999999999999999],[-8.1999999999999993],[-1],[2.2000000000000002],[5.2999999999999998],[21.399999999999999],[12.300000000000001],[19.899999999999999],[16],[12.6],[12.4],[6.0999999999999996],[7.5],[16.100000000000001],[10.9],[6.4000000000000004]],[[99.700000000000003],[117.09999999999999],[111.3],[127.90000000000001],[101.8],[118],[111.7],[118.3],[101.8],[121.8],[116.90000000000001],[140.90000000000001],[111.90000000000001],[145.30000000000001],[135.5],[158.80000000000001],[126.3],[155.5],[148.5],[189.5],[141.80000000000001],[164.30000000000001]],[[27.100000000000001],[26],[24.800000000000001],[25.899999999999999],[26.899999999999999],[27.800000000000001],[26.199999999999999],[22.899999999999999],[25.600000000000001],[27.199999999999999],[28.300000000000001],[30.5],[31.100000000000001],[33.299999999999997],[32.899999999999999],[34.100000000000001],[34.5],[34],[32.600000000000001],[34.5],[36.399999999999999],[37.299999999999997]]]

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Commonwealth government taxation

Commonwealth taxation increased 15.8% ($22.5 billion) in the December quarter 2023, and 5.7% ($8.8 billion) through the year. Commonwealth taxation was largely driven by Personal Income Tax and Company Income tax.

Personal income tax increased 11.2% ($7.7 billion) through the year to December quarter 2023, which drove the overall growth of Commonwealth taxation revenue and aligned with reasonably strong underlying growth in both seasonally adjusted employment (a) and wages (b) growth over a similar period. While through the year Company income tax was flat in the December quarter 2023, there has been a marked increase in level terms since December quarter 2021 - due to relatively higher company profits, that resulted from stronger economic conditions and higher commodity prices. Company income tax rose around 55.1% ($13.7 billion) between December quarters 2020 to 2023.

Goods and services tax (GST) rose 13.7% ($ 2.7 billion) in the December quarter 2023 and 3.7% ($0.8 billion) through the year, consistent with through the year growth over the last 5 years.

Commonwealth taxation
	GST ($b)	Company income tax ($b)	Personal income tax ($b)	Other taxes (a) ($b)
Dec-18	18.2	24.9	51	23
Dec-19	18.3	24.8	53.3	21.6
Dec-20	19.2	24.8	52.9	24.8
Dec-21	19.4	33.2	58.6	34.1
Dec-22	22	38.6	68.3	26.5
Dec-23	22.8	38.5	76	27

Commonwealth taxation

["","GST","Company income tax","Personal income tax","Other taxes (a)"]

[["Dec-18","Dec-19","Dec-20","Dec-21","Dec-22","Dec-23"],[[18.199999999999999],[18.300000000000001],[19.199999999999999],[19.399999999999999],[22],[22.800000000000001]],[[24.899999999999999],[24.800000000000001],[24.800000000000001],[33.200000000000003],[38.600000000000001],[38.5]],[[51],[53.299999999999997],[52.899999999999999],[58.600000000000001],[68.299999999999997],[76]],[[23],[21.600000000000001],[24.800000000000001],[34.100000000000001],[26.5],[27]]]

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Other taxes include, for example: fringe benefit tax, income tax paid by superannuation funds, numerous excises and levies, customs duties, and television station licenses.

Key Commonwealth taxes, through the year growth
	Personal income tax (%)	Company income tax (%)	Goods and services tax (GST) (%)
Sep-18	7.7	13.5	7.1
Dec-18	10.2	17.2	2.5
Mar-19	7.9	-1.7	-1.3
Jun-19	7.1	13.7	-1.2
Sep-19	-7.2	0.5	-0.4
Dec-19	4.4	-0.1	0.3
Mar-20	4.5	-6.7	7.2
Jun-20	-2.2	-19.5	-6.9
Sep-20	12.4	-3.8	1.3
Dec-20	-0.6	-0.1	5.3
Mar-21	-2.7	16.9	4.3
Jun-21	4.9	37.1	42.4
Sep-21	2	26.7	11.7
Dec-21	10.6	33.8	0.8
Mar-22	17.2	27.8	2.4
Jun-22	16.1	27.5	-0.7
Sep-22	15	17.1	17.1
Dec-22	16.7	16.5	13.4
Mar-23	14.1	11.1	13.4
Jun-23	15.4	32.1	13.3
Sep-23	29	-0.3	-3.3
Dec-23	11.2	-0.5	3.7

Key Commonwealth taxes, through the year growth

["","Personal income tax","Company income tax","Goods and services tax (GST)"]

[["Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23"],[[7.7000000000000002],[10.199999999999999],[7.9000000000000004],[7.0999999999999996],[-7.2000000000000002],[4.4000000000000004],[4.5],[-2.2000000000000002],[12.4],[-0.59999999999999998],[-2.7000000000000002],[4.9000000000000004],[2],[10.6],[17.199999999999999],[16.100000000000001],[15],[16.699999999999999],[14.1],[15.4],[29],[11.199999999999999]],[[13.5],[17.199999999999999],[-1.7],[13.699999999999999],[0.5],[-0.10000000000000001],[-6.7000000000000002],[-19.5],[-3.7999999999999998],[-0.10000000000000001],[16.899999999999999],[37.100000000000001],[26.699999999999999],[33.799999999999997],[27.800000000000001],[27.5],[17.100000000000001],[16.5],[11.1],[32.100000000000001],[-0.29999999999999999],[-0.5]],[[7.0999999999999996],[2.5],[-1.3],[-1.2],[-0.40000000000000002],[0.29999999999999999],[7.2000000000000002],[-6.9000000000000004],[1.3],[5.2999999999999998],[4.2999999999999998],[42.399999999999999],[11.699999999999999],[0.80000000000000004],[2.3999999999999999],[-0.69999999999999996],[17.100000000000001],[13.4],[13.4],[13.300000000000001],[-3.2999999999999998],[3.7000000000000002]]]

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State and local taxation

State and Local taxes increased 2.4% ($0.9 billion) in the December quarter 2023, and 9.9% ($3.4 billion) through the year. Payroll and stamp duties were the two largest contributors to total State and Local taxes, accounting around 46.3% for December quarter 2023.

State and local taxation
	Payroll taxes ($b)	Stamp duties on conveyances ($b)	Other taxes (a) ($b)
Sep-18	6.6	5.1	15.6
Dec-18	6.4	5.1	14.7
Mar-19	6.3	4	14.7
Jun-19	6.4	4.6	15.2
Sep-19	6.9	4.6	15.7
Dec-19	6.8	5.7	15.6
Mar-20	6.2	4.9	15.2
Jun-20	4.6	4.1	14.3
Sep-20	5.5	4.7	15.6
Dec-20	5.7	5.8	15.9
Mar-21	6.6	5.9	16.1
Jun-21	6.7	7.6	16.4
Sep-21	6.5	8.5	16.4
Dec-21	6.9	9.2	17.5
Mar-22	7	9.1	17
Jun-22	7.6	8.9	17.9
Sep-22	8.2	7.9	18.7
Dec-22	8	7.4	18.8
Mar-23	8.2	6	18.7
Jun-23	8.5	7.2	19
Sep-23	9.7	6.9	20.1
Dec-23	9.5	7.9	20.2

State and local taxation

["","Payroll taxes","Stamp duties on conveyances","Other taxes (a)"]

[["Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23"],[[6.5999999999999996],[6.4000000000000004],[6.2999999999999998],[6.4000000000000004],[6.9000000000000004],[6.7999999999999998],[6.2000000000000002],[4.5999999999999996],[5.5],[5.7000000000000002],[6.5999999999999996],[6.7000000000000002],[6.5],[6.9000000000000004],[7],[7.5999999999999996],[8.1999999999999993],[8],[8.1999999999999993],[8.5],[9.6999999999999993],[9.5]],[[5.0999999999999996],[5.0999999999999996],[4],[4.5999999999999996],[4.5999999999999996],[5.7000000000000002],[4.9000000000000004],[4.0999999999999996],[4.7000000000000002],[5.7999999999999998],[5.9000000000000004],[7.5999999999999996],[8.5],[9.1999999999999993],[9.0999999999999996],[8.9000000000000004],[7.9000000000000004],[7.4000000000000004],[6],[7.2000000000000002],[6.9000000000000004],[7.9000000000000004]],[[15.6],[14.699999999999999],[14.699999999999999],[15.199999999999999],[15.699999999999999],[15.6],[15.199999999999999],[14.300000000000001],[15.6],[15.9],[16.100000000000001],[16.399999999999999],[16.399999999999999],[17.5],[17],[17.899999999999999],[18.699999999999999],[18.800000000000001],[18.699999999999999],[19],[20.100000000000001],[20.199999999999999]]]

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Other taxes include, for example: land taxes, municipal rates, taxes on gambling, taxes on insurance, government borrowing guarantee levies, motor vehicle taxes, franchise taxes, clean energy and related taxes.

Payroll taxes increased 18.8% through the year to December quarter 2023, which was the second highest through the year growth rate since December quarter 2018, reflecting continued strength in the labour market and increased payroll tax rates in several jurisdictions.

Meanwhile stamp duties on conveyances increased 6.8% through the year to December 2023, in line with the growth in property prices seen over 2023 (a).

Over the last 5 years (December quarter 2018 to 2023), payroll taxes rose 48.4% while stamp duties on conveyances rose 54.9%.

Source: ABS, Total Value of Dwellings, December quarter 2023 release

Key state and local taxes, through the year growth
	Payroll taxes (%)	Stamp duties on conveyances (%)	Other taxes (%)
Sep-18	6.5	-7.3	10.6
Dec-18	4.9	-12.1	5.8
Mar-19	6.8	-21.6	6.5
Jun-19	3.2	-14.8	7.8
Sep-19	4.5	-9.8	0.6
Dec-19	6.3	11.8	6.1
Mar-20	-1.6	22.5	3.4
Jun-20	-28.1	-10.9	-5.9
Sep-20	-20.3	2.2	-0.6
Dec-20	-16.2	1.8	1.9
Mar-21	6.5	20.4	5.9
Jun-21	45.7	85.4	14.7
Sep-21	18.2	80.9	5.1
Dec-21	21.1	58.6	10.1
Mar-22	6.1	54.2	5.6
Jun-22	13.4	17.1	9.1
Sep-22	26.2	-7.1	14
Dec-22	15.9	-19.6	7.4
Mar-23	17.1	-34.1	10
Jun-23	11.8	-19.1	6.1
Sep-23	18.3	-12.7	7.5
Dec-23	18.8	6.8	7.4

Key state and local taxes, through the year growth

["","Payroll taxes","Stamp duties on conveyances","Other taxes"]

[["Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23"],[[6.5],[4.9000000000000004],[6.7999999999999998],[3.2000000000000002],[4.5],[6.2999999999999998],[-1.6000000000000001],[-28.100000000000001],[-20.300000000000001],[-16.199999999999999],[6.5],[45.700000000000003],[18.199999999999999],[21.100000000000001],[6.0999999999999996],[13.4],[26.199999999999999],[15.9],[17.100000000000001],[11.800000000000001],[18.300000000000001],[18.800000000000001]],[[-7.2999999999999998],[-12.1],[-21.600000000000001],[-14.800000000000001],[-9.8000000000000007],[11.800000000000001],[22.5],[-10.9],[2.2000000000000002],[1.8],[20.399999999999999],[85.400000000000006],[80.900000000000006],[58.600000000000001],[54.200000000000003],[17.100000000000001],[-7.0999999999999996],[-19.600000000000001],[-34.100000000000001],[-19.100000000000001],[-12.699999999999999],[6.7999999999999998]],[[10.6],[5.7999999999999998],[6.5],[7.7999999999999998],[0.59999999999999998],[6.0999999999999996],[3.3999999999999999],[-5.9000000000000004],[-0.59999999999999998],[1.8999999999999999],[5.9000000000000004],[14.699999999999999],[5.0999999999999996],[10.1],[5.5999999999999996],[9.0999999999999996],[14],[7.4000000000000004],[10],[6.0999999999999996],[7.5],[7.4000000000000004]]]

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The ABS acknowledges the continued support of the Department of Finance, State Treasury Departments, universities, and public non-financial corporations in enabling the ABS to produce Government Finance Statistics.

APA

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Insights into Government Finance Statistics, December 2023

APA

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Taxation revenue

Commonwealth government taxation

State and local taxation

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