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The Parliamentary Budget Office (PBO has forecast that the average personal income tax rate will rise to 26.4% in 2032-33, compared with 23.7% in 2021-22.
The ‘Beyond the Budget’ report shows that personal income tax revenue is expected to rise to half a trillion dollars in 2032-33 and account for 50% of federal government revenue.
The PBO cautions that too much reliance on a single source of revenue can generate risks to the budget.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.