commission on fiscal imbalance 合集

Costs 1742 1288 970 511 400 125 83 53 5172 380 50 180

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Unformatted text preview: e States under current, pre-GST arrangements. Calculations are made of what the “current funding” would have been and this figure constitutes the Guaranteed Minimum Amount (GMA). States receive budget balancing, in the form of untied grants, representing the difference between GST revenue and the GMA. From 2001-2 onwards all budget balancing assistance is provided by way of grants. Table 4 presents the latest estimates available at the time of writing of GMAs, GST revenue and budget balancing assistance. TABLE 4 ESTIMATES OF THE GUARANTEED MINIMUM AMOUNT, GST REVENUE AND BUDGET BALANCING ASSISTANCE, 2001-02 (in million of dollars) NSW Vic Qld WA SA Tas ACT NT Guaranteed Minimum Amount 9,401.1 6,394.2 5,411.3 2,823.6 2,766.8 1,163.1 583.7 1,379.8 29,923.6 GST revenue 8,317.0 5,813.7 5,198.3 2,642.6 2,541.1 1,087.4 544.3 1,335.6 27,480.0 Budget balancing assistance 1084.1 580.6 213.0 181.0 225.7 75.7 39.4 44.2 Total 2,443.6 Source: Budget Paper No. 3, 2001-02, Table 6. GST revenue in 2001-02 is predicted to fall short of the Guaranteed Minimum Amount by $2.444b. Table 5 presents details of the calculation of the Guaranteed Minimum Amount for the financial year 2001-02. The calculation of GMAs is fully explained in Appendix B. 118 Commission on Fiscal Imbalance TABLE 5 CALCULATION OF THE GUARANTEED MINIMUM AMOUNT, 2001-02 (in million of dollars) NSW Vic Qld WA SA Tas ACT NT Total STATE REVENUES FORGONE FAGs 5,286.4 3,718.4 3,629.3 1,673.3 1,927.8 884.5 400.6 1,211.3 18,731.5 RRPs 2,338.0 1,565.0 1,420.3 982.9 609.5 207.3 103.8 132.5 7,359.5 Accomm. Taxes 72.0 n.a. n.a. n.a. n.a. n.a. n.a. 8.1 80.1 Financial Institutions Duty 587.6 342.2 n.a. 129.3 85.5 21.1 17.4 12.9 1,195.9 Marketable Securities Duty 375.3 205.0 34.5 24.0 14.7 2.4 17.6 1.6 675.1 573.9 389.8 211.4 58.0 79.3 22.5 20.5 13.7 1369.1 2.9 3.4 4.3 0.9 1.1 0.5 0.4 0.7 14.2 plus Reduced Revenues Gambling Taxes plus Interest Costs Interest Costs plus Additional Expenditures FHOS 300.0 236.6 222.0 118.1 80.0 16.8 21.9 9.1 1004.5 GST Admin. costs 174.2 128.8 97.0 51.1 40.0 12.5 8.3 5.3 517.2 38.0 5.0 18.0 19.0 12.7 13.0 4.0 3.0 112.7 plus Other Items WST Payments minus Reduced Expenditures Off-road Diesel Subsidies 133.2 55.8 117.2 168.1 35.9 2.1 0.0 3.9 516.2 Savings from Tax Reform 157.1 107.4 89.2 53.4 38.8 13.0 9.0 13.2 481.0 56.9 36.7 19.2 11.5 9.2 2.3 1.8 1.3 139.0 9,401.1 6,394.2 5,411.3 2,823.6 2,766.8 1,163.1 583.7 1,379.8 29,923.6 minus Growth Dividend Remaining State Taxes TOTAL GMA Source: Budget Paper No. 3, 2001-02, Table 6. Notes (related to table 5): Revenue Replacement Payments (RRP) were implemented as a result of 1997 High Court decisions in the Ha and Lim v N.S.W. and Walter Hammond and Associates Pty. Ltd. v N.S.W. cases, which effectively declared unconstitutional all State business franchise fees. These taxes, on alcohol, tobacco and petroleum, raised revenue of $5.221b. in 1996-97, their last full year of operation. As a result of the potential disruptive effects on State finances of such a revenue loss, the Commonwealth implemented “safety net”...
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This note was uploaded on 03/06/2013 for the course ECON 220 taught by Professor Paulo during the Spring '13 term at University of Liverpool.

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