Western Australia and Victoria are the biggest winners of the annual GST distribution, while NSW and Queensland will cop a revenue cut next financial year.
Taxpayers will spend $5.2 billion next financial year propping up the states as a result of the federal government’s controversial deal to give Western Australia a higher share of the GST.
Prime Minister Anthony Albanese writes and signs ‘No Change To WA GST’ on the forearm of a West Australian reporter last week.The cost of the Turnbull government’s GST deal with Western Australia will increase by a further $344 million to $5.2 billion in 2024-25, the CGC revealed. The mining state will get an additional $6.2 billion that it otherwise would have never been entitled to under previous GST distribution arrangements.
The top-up payments will cost the federal budget $5.2 billion in 2024-25 alone, the CGC said, taking the total cost of no worse off payments and transitional payments to about $21 billion since 2018. Queensland will for the first time become a donor state in fiscal 2025, receiving 95.2¢ back in every dollar its residents pay in GST.
“I agree with former treasurer Perrottet when he railed in 2018 against the ‘black magic GST distribution formula’ which was seeing the hardworking taxpayers of NSW being ripped off by a perverse and unfair distribution model.”by 2.6 percentage points from July 1, while the grants commission noted the state had also enjoyed above-average growth in taxable land values.
“This shows why it is so important that the federal government comes to the table to fairly fund Queensland infrastructure,” he said, with the state government urging the Commonwealth to stump up billions to build a rail line connecting the Sunshine Coast and Brisbane.Including the no worse off payment, Victoria was the biggest winner of the new GST distribution. Its GST take will increase by $3.8 billion to $23.
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