• Revenue

    The net GST cash collection(4) outcome for 2014–15 was $54.3 billion, $3.3 billion (or 6.4%) higher than in 2013–14. Collections, including net Department of Immigration and Border Protection(5) collections of $3.4 billion, were $632 million (or 1.2%) above the May 2014 Budget estimate and $342 million (or 0.6%) above the revised May  2015 Budget estimate.

    The 2014–15 Budget cash estimate was $53.7 billion. The forecast remained the same at the Mid-Year Economic and Fiscal Outlook (MYEFO). This was primarily as a result of higher than expected collections to November 2014, offset by forecasted lower consumption in 2014–15.

    In the 2015–16 Budget, the cash estimate was increased by $290 million to $54.0 billion due to stronger than expected net GST collections. The final cash collections outcome for 2014–15 was $342 million higher than the Budget 2015–16 estimate.

    The difference between net GST accruals (on a tax liability method basis (TLM)(6)) and cash collections was $1.7 billion. Gross GST debt was the most significant component of this difference. The estimated total statement outcome for the June 2014 to May 2015 BAS (excluding GST collected by the Department of Immigration and Border Protection) was $51.5 billion.

    Table 10: GST revenue and collections (including net GST collected by the Department of Immigration and Border Protection).

    Year

    Net GST cash collections

    $ billion

    Net GST accrued (TLM)

    $ billion

    2014–15

    54.3

    56.1

    2013–14

    51.1

    52.7

    2012–13

    48.1

    49.5

    Notes:

    (4) Outcomes exclude non-general interest charge penalties.
    (5) Net Department of Immigration and Border Protection collections include refunds issued under the tourist refund scheme.
    (6) TLM is defined as being the earlier of the cash payment being received or the associated liability being recognised.

    The growth in total net GST for 2014–15 compared to 2013–14 was positively influenced by increased growth in rental, hiring and real estate services, and retail industries; growth in the wholesale industry, and a smaller decline in the manufacturing sector.

    Negative influences came from lower growth in the construction, professional, scientific and technical services industries, a decline in the finance sector as well as higher refunds in the health sector, and public administration and safety industries. Despite significant shifts in some industry segments, overall the annual change in total net GST for 2014–15 was similar to that of 2013–14.

    Figure 3: Change in net GST by industry 2013–14 and 2014–15 (June to May statements)

    This figure provides the change in net GST by industry from 2013–14 to 2014–15. In 2013–14: Construction$586 million, Finance and insurance services $386 million, Health -$137 million, Manufacturing -$442 million, Mining $877 million, Other $940 million, Professional, scientific and technical services $436 million, Public administration and safety -$65 million, Rental, hiring and real estate services $89 million, Retail $222 million, and Wholesale -$146 million. In 2014–15: Construction $410 million, Finance and insurance services -$86 million, Health -$244 million, Manufacturing -$90 million, Mining $883 million, Other $1,118 million, Professional, scientific and technical services $87 million, Public administration and safety -$157 million, Rental, hiring and real estate services $391 million, Retail $367 million, and Wholesale $117 million.

    Industry codes legend
    CON Construction
    FIN Finance and insurance services
    HCS Health
    MFR Manufacturing
    MIN Mining
    OTH Other
    PST Professional, scientific and technical services
    PAS Public administration and safety
    RHR Rental, hiring and real estate services
    RTL Retail
    WSL Wholesale

    Note: the ‘other’ code includes accommodation and food, agriculture, arts and recreation, administration and support, information and media, education, electricity, gas and water, other services, transport, post and warehousing, and unknown.

      Last modified: 14 Dec 2015QC 47462