Efforts to return Australia to surplus continue – smokers, please don’t stop

Author: Eamonn Sheridan | Category: News

Not good news for Aussie smokers this morning:

Tobacco excise will be increased by 60 per cent, or $5.3 billion, over the next four years, in the biggest individual tax increase designed to return the federal budget to surplus by 2016-17.

  • Beginning on December 1, after the election, the excise will be increased by 12.5% each year for four years
  • The hikes will be in addition to already scheduled automatic excise increases

Cigarettes up $5.3 billion to save surplus Australian Financial Review (gated)