2023-24 tobacco tax collection falls $5.6B short of forecast, raising black market concerns.

Since 2019, Australia’s federal budget has faced a $25 billion deficit linked to declining tobacco excise revenue, which has fallen to its lowest in a decade despite tax increases. The 2023-24 tobacco tax collection was only $9.7 billion, $5.6 billion short of the forecasted $15.3 billion, raising concerns over a growing black market. Critics urge the government to reevaluate its tobacco tax strategy to protect revenue and public health.

October 12, 2024
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