The Treasurer, on Thursday 30.9.2021, released the Final Budget Outcome for 2020-21 showing a Budget cash deficit of $134.2 billion for 2020-21, representing a $26.8 billion improvement on the $161bn deficit estimated in the May 2021 Budget.
- This improvement was the result of higher total receipts by $20.1 billion and lower total payments by $6.7 billion.
- Net debt was $592.2 billion at 30 June 2021 ($25.3 billion lower than forecast).
- Tax receipts for 2020-21 improved $14.4bn from the estimate at the May Budget, driven by a stronger than expected economy and higher commodity prices.
- Company tax receipts improved $5.5bn while receipts from individuals and other withholding taxes were $5bn stronger.
- GST revenue was $3.1bn stronger, relating to April and May (paid in May and June).
- Super fund tax receipts were $1.3bn stronger. [LTN 189, 30/9/21]
[Tax Month – September 2021] 3.10.21