State government property tax revenue drops

State government property tax revenue drops
State government property tax revenue drops

State government taxes on property decreased by $470 million (2%) to $20,335 million from 2010–11 to 2011–12, according to the latest ABS data.

It was mainly due to a decrease in stamp duties on conveyances of $572 million (5%) and a $74 million (23%) decrease in other stamp duties.

Local government taxation revenue increased $760 million (6%) from $12,449 million in 2010–11 to $13,209 million in 2011–12. Taxes on property are the sole source of taxation revenue for local governments.

Taxes on income increased $26,310 million (13%) while taxes on provisions of goods and services increased $2,172 million (2%). Taxes on income represented 59% of total taxation revenue for all levels of government and taxes on provision of goods and services, including the goods and services tax (GST) represented 24%.

Photo courtesy of Flickr/Creative Commons.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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