Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Seven to one starting price



Download PDFDownload PDF

MEDIA RELEASE

'pt&c&esi ■M.P.

LEADER OF THE NATIONAL PARTY OF AUSTRALIA SHADOW MINISTER FOR ENERGY AND RESOURCES MEMBER FOR FARRER

Enquiries Parliament House Canberra, A.C.T. 2600. Phone (06) 277 4058 Fax (06) 277 2052

SEVEN TO ONE STARTING PRICE 13 August 1992

Over the last nine years Labor has presided over a huge tax grab with fuel excise taxes jumping from $970 million to $7075 million and total taxation revenue jumping from $38058 million to $91163 million.

Leader of the National Party, Tim Fischer, said this today pointing out that even on a constant prices basis fuel taxes had trebled and overall taxation moved up in excess of $20 billion.

'In the last full financial year before Labor took office, 1981-82, the exact figures for petroleum products excise was $970 million, total taxation revenue $38,058 million. In 1991-92, the estimated figure comes in at $7075 million, petroleum products excise and total taxation revenue $91,163 million.

'It is estimated that actual bracket creep has reaped Labor a cumulative tax windfall of some $22 billion plus.

'The motorist and the farmer in particular and all Australians living outside capital cities have paid heavily with the petroleum products excise ripoff whereby petrol and diesel fuel excise tax is now over 26 cents per litre.

'With the whiff of Whitlam in the air, it's time for a change again to a Coalition Government which will deliver the total abolition of all fuel excise taxes and lower taxation overall.

'In fact, under 'Fightback', it's a case of a seven to one starting price, the total abolition of seven taxes including the abolition of all fuel excises, all payroll taxes and all sales taxes, for the creation of just one fair, simple goods and services tax, single rated at 15%.

'The sooner the fuel tax ripoff is ended the sooner economic recovery will be enhanced." Mr Fischer added.

COMMONWEALTH GDVBRNHBfT BUDGET REVENUE ($a)

CO M M O NW EALTH PARLIAMENTARY L IB R A R Y M ICAH

CURRENT PRICES CONSTANT PRICES

At 1991-92 Prices; Inflated by the oross non-farm oroduct IPDfa)

Petroleum Products Excise

Total Taxation Revenue Petroleum Products

Excise

Total Taxation Revenue

1980-81 925 32769 1950 69067

1981-82 970 38058 1836 72052

1982-83 1364 41239 2328 70382

1983-84 2137 45064 3412 71940

1984-85 2387 53208 3597 80184

1985-86 3044 59205 4283 83307

1986-87 5142 66803 6727 87389

1987-88 5350 75383 6528 91986

1988-89 5780 83833 6476 93930

1989-90 6367 91244 6715 96224

1990-91 6601 93078 6694 94393

1991-92 7075 91163 7075 91163