The ABS has released Taxation Revenue and Government Financial Statistics for the 2016-17 financial year, which reveals that total tax revenues rose by 5.0% over the year from $465,216 million in 2015-16 to $488,499 million in 2016-17:
This was driven by a $16,030 million (6.0%) increase in taxes on income and a $2,971 million (2.7%) increase in taxes on provision of goods and services, with taxes on income representing 57.6% of total taxation revenue for all levels of government:
Tax revenues received by the Commonwealth Government rose by $19,405 million (5.2%), whereas taxes received by the states rose by $3,158 million (4.0%).
However, despite the rise in tax revenues, Australia’s overall budget remained well and truly in deficit, although the net operating balance narrowed from -$22,668 million in 2015-16 to -$16,503 million in 2016-17:
Whereas the Commonwealth Budget deficit improved marginally from -$35,253 million in 2015-16 to -$32,436 million in 2016-17:
