GST
GST is a tax that is charged on supply of goods and services in Australia and on goods imported into Australia. GST replaces the old, outdates and unfair tax system. It took effect in Australia from the 1st of July 2000. The tax reform process is to reduce significantly the costs of running business in Australia. The Governments hope in reducing the business tax will make businesses more efficient, competitive and will lead to higher level of growth for the economy. The main objectives of the tax reform were to promote neutrality of the tax systems. It reformed the income tax, indirect tax, family assistance, business tax and Commonwealth-State financial relations. Though the abolition of a multi-rate wholesale sales tax (WST), the introduction of 10 percent goods and services tax and the reform in the company tax rate from 36 percent to 34 percent and a year later to 30 percent; are the key elements. The GST reform has affected the economy in many different ways. According to Taxation Revenue's statistics, the total taxation revenue collected had increased 9 percent from $196,148 million in 1999-2000 to $213,766 million in 2000-2001. The total taxation revenue, as a percentage of GDP, increased from 31.2 percent in 1999-2000
With GST, federal deficit can be reduced and it can allow Australia to compete more effectively in the global economy. TNTS affects the Producer Price Indexes (PPI) as well, but indirectly (Figure 7). 9 percent of the total taxation revenue, whereas the State and local government only includes 18. Besides that, indirect impacts of the reform include National accounts - chain volume estimates, financial accounts and international trade and balance payments. 8 percent in a three year period, but the State and local taxation revenue had decreased 1. 2 percent in the same period (Figure 1). 8 percent in 2000 following a growth in 1999 of 4. The chain volume estimates will not be directly affected, but changes in volumes due to changes in economic behaviour will be reflected in the estimates. ', 2000, Australian Bureau of Statistics, viewed 16 April 2003, < http://80-www. There are actually two types of effects that could take place on the economy.
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