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