Company tax receipts to be revised downwards for the first time since 2020, mid year budget update reveals
Mining exports are set to plunge more than $100bn over the next four years and deliver an $8.5bn hit to company tax receipts, representing a $36bn reversal in forecast federal revenue compared with a year ago, this week’s mid year budget update will reveal.
“The global economy is uncertain, the global outlook is unsettling and that’s weighing heavily on our economy.”, the May budget suggested company tax receipts would increase by $26.2bn over the five years from 2023. It flagged falls in mining exports in future years but said strength in the rest of the economy would still mean company tax receipts rose.
Under the downside scenario, it found company tax receipts could fall $4.5bn over the four-year forward estimates. But it did not foresee a fall in exports of this magnitude.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Resolute Mining CEO and two other executives 'safe and well' after being released by Mali governmentIn a statement, the mining company confirmed 'all three employees are safe and well and have departed the country'.
Read more »
Drilling Contractor Dies at Gold Mining Site in Western AustraliaA 29-year-old drilling contractor has died at a gold mining exploration site operated by Saturn Metals in WA's Goldfields region. The incident occurred at the Apollo Hill Project near Leonora, prompting a thorough investigation by WorkSafe WA.
Read more »
Artist Emmaline Zanelli explores life as a teenager in remote South Australian mining town Roxby DownsSouth Australian artist Emmaline Zanelli wanted to understand what life was like for young people in a remote desert mining town. So she took a bunch of cameras and went to meet the young people living there.
Read more »
Polluted rivers, uprooted farmland and lost taxes: Ghana counts cost of illegal gold mining boomEstimated $2bn lost in missed taxes from environmentally destructive practice some blame on political corruption
Read more »
Mining billionaire Andrew 'Twiggy' Forrest backs treaty to end fossil fuel extractionForrest is the first major industrialist and business leader to support the Fossil Fuel Non-Proliferation Treaty.
Read more »
Former female workers reveal alleged sexual harassment as class action lawsuit is filed against mining giantsAustralian law firm JGA Saddler filed the landmark lawsuits, which alleges women working for the companies were subject to abuse, rape and harrassment at mining sites.
Read more »