Helping Hand and GST Revenue

GST gold rush: Budget papers show the GST gold rush will continue for Tassie, with boosts of $212 million expected in 2016/17 and a bonus $220 million the following year, according to Nine News Australia. The treasurer begrudgingly conceded the GST revenue has lent the budget a helping hand, while more so crediting his hardline 2014/15 savings measures, which included 1200 public sector job cuts, and improved state tax receipts."Not only have we benefited from a windfall gain in GST but the strong state economy is also helping us," he told reporters. Liberal treasurer Peter Gutwein on Thursday unveiled his $5.4 billion 2015/16 budget, which includes GST revenue of $2.2 billion, up $151 million on previous forecasts. Treasury forecasts the state budget will return a $58.5 million deficit in 2015/16, before a $101.5 million surplus the following year and a cumulative surplus of more than $310 million over the forward estimates. He also admitted there could be unexpected hits to the economy in coming years, including the outcome of an upcoming white paper review on Federation, a federal taxation review, and another Commonwealth Grants Commission determination on relativities. While there are no harsh savings measures in the latest fiscal plan, the government is not going on a spending spree with its new-found wealth."What we're doing is being responsible and sensible in regards to our financial management," Mr Gutwein said. (news.financializer.com). As reported in the news.