Property News

Property a Bread Winner for State Governments in 2005/06

04 April 2007

Taxes on property were the largest source of income for state and local governments in 2005-06, according to the latest ABS figures.

Property tax swelled to over $15 billion during the recorded period accounting for 38 per cent of government takings.

The figures, from the Australian Bureau of Statistics take total state revenue up 6.2 per cent for the last financial year, up from $41,649 million in 2004/05 to $44,235 million.

Employee payroll tax was the next largest source of returns accounting for 29. 6 per cent of total revenue accumulated.

The story was the same for local governments where revenue raised from taxes rose 7.4 per cent.

Property, which is the sole source of income for local governments, rose from $8,306 million in 2004/05 to $8,920 million in 2005/06.

GST revenue represented 13.1 per cent of total taxation revenue for all levels of government.

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