The total taxation revenue collected in Australia declined in 2019-20 due to the negative impact of the coronavirus pandemic. The total tax collection fell by A$8.0 billion or 1.4% on the previous year, according to the data by the Australian Bureau of Statistics (ABS).
The total taxation revenue collected in 2019-20 stood at A$552.0 billion, or 27.8% of the gross domestic product (GDP). In 2018-19, the total taxation revenue as a percentage of GDP was 27.8%.
The International Monetary Fund (IMF) recently updated its global economic growth forecast for 2021. The global body also said that the Australian economy would report higher growth than what was precited for this year. The IMF has increased Australia’s expected GDP growth to 4.5%.