Aussie High Dollar Impacts Tax Revenues: 2010-11 Mid-Year Economic and Fiscal Outlook

 Treasurer Wayne Swan has released the 2010-11 Mid-Year Economic and Fiscal Outlook (MYEFO).  The Outlook deals indepthy with the appreciating Australian dollar and it's effect on current tax revenues.

Swan points out that the current climate of "high terms of trade and growth in the mining sector as a share of the Australian economy", means that "the country’s budget is more sensitive to developments in commodity and currency markets than in the past". read more at tax-news.com

Swan's press release however states that "Despite the global uncertainty and the impact of a higher Australian dollar on revenues, the update shows the budget remains on track to return to surplus in 2012?13 – well before any major advanced economy" Click here to read press release.

Download: 2010-11 MYEFO

What are your thoughts on the Mid-Year Outlook?

To keep up to date with Tax Laws, why not inquire about TimeBase's Point-in-Time Tax Service just one of a range of Australian Legislation services provided by TimeBase.