VICTORIAN gambling taxes are close to hitting the $2 billion mark for the first time, a parliamentary committee has been told. Reason Party MP Fiona Patten questioned Treasurer Tim Pallas on the figures, which will come to about $1.87 billion in the 2017/18 financial year, during a budget estimates hearing on Tuesday.
“Two billion dollars on gambling seems to be a pretty large number for our state,” Ms Patten said. Mr Pallas said gambling taxes are forecast to increase about 1.6 per cent a year. “In practical terms that is actually substantively below the revenue growth the state is getting overall, which is coming in at 4 per cent,” Mr Pallas said. “Yes it is increasing, but it’s increasing at a lesser level than the general background revenue it terms of the state.”
The budget also includes the new, 8 per cent point of-consumption tax imposed on all betting companies, which is forecast to bring in $30 million a year and was announced on Monday, the inquiry was told.
The Bendigo Adviser, 16th May 2018. Photo by: AAP