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.
