The States Have Won An Unexpected Cash Bonus From The Hot Housing Market

Quinn Rooney/Getty Images

The one bright note in a sea of red ink on the federal government’s balance sheet is GST.

Revenue has been falling across the board for some time and the government has consistently underestimated the shortfalls.

For example, total revenue of $373.9 billion for the 2013-14 financial year was $317 million lower than forecast at the time of the 2014-15 Budget.

However, today’s numbers in the final budget outcome for the year ended June 30 show revenue from the GST was $391 million or 0.8% above the forecast made in May.

Treasury says more GST flowed in to the government because of consistent stronger than expected dwelling investment.

The states will get an estimated $370 million extra.

This is how the $51 billion GST money collected is distributed among the states and territories:

WA’s share is adjusted downward because of its revenue from mining royalties. Table by the 2013-14 Final Budget Outcome.

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