In 2023–24, we assessed $31.4 billion in revenue, which helps to fund vital infrastructure and government services, such as education, law and order, and healthcare, while also contributing to specific support provided to the community and industry.
Several revenue lines were above forecast and the overall assessed revenue was more than $1.2 billion over the forecast.
Performance against forecast for 2023–24
| 2023–24 | Forecast $’000 | Assessed $’000 | Variance |
|---|---|---|---|
| Payroll tax | 8,694,000 | 9,643,104 | 10.9% |
| Mental health and wellbeing surcharge | 993,000 | 1,200,575 | 20.9% |
| COVID debt levy – payroll $10m+ | 910,000 | 1,110,048 | 22.0% |
| Land transfer duty | 8,278,000 | 8,427,275 | 1.8% |
| Land tax | 6,121,000 | 5,933,008 | -3.1% |
| COVID debt levy – landholdings | 1,190,000 | 1,164,231 | -2.2% |
| General insurance duty | 1,830,000 | 1,833,690 | 0.2% |
| Fire services property levy | 847,000 | 839,496 | -0.9% |
| Transport Accident Commission duty | 241,000 | 242,130 | 0.5% |
| Congestion levy | 115,000 | 117,012 | 1.7% |
| Growth areas infrastructure contribution | 328,000 | 254,711 | -22.3% |
| Liquor licence fees | 30,000 | 37 | -100.0% |
| Metropolitan planning levy | 20,000 | 19,793 | -1.0% |
| Other miscellaneous duties* | - | 11,186 | N/A |
| Commercial passenger vehicle service levy | 75,000 | 73,194 | -2.4% |
| Wagering and betting tax | 243,000 | 242,442 | -0.2% |
| Casino tax | 154,000 | 158,292 | 2.8% |
| Community benefit levy | 9,000 | 8,747 | -2.8% |
| Windfall gains tax | 105,000 | 113,799 | 8.4% |
| Keno tax | 13,000 | 12,593 | -3.1% |
| Total revenue | 30,196,000 | 31,405,363 | 4.0% |
* Includes cattle compensation fund ($4,847,172), sheep and goat compensation fund ($4,256,444) and swine compensation fund ($217,645).
Property taxes
| 2023–24 | Number | Revenue assessed |
|---|---|---|
| Absentee owner surcharge | 6,641 absentee owners | $444.76M |
| Foreign purchaser additional duty | 2,600 property transactions by foreign purchasers | $196.81M |
| Vacant residential land tax | 1,586 properties assessed | $27.57M |
