Every state and territory, including South Australia will be better off under legislation introduced into Parliament today that will deliver a new fairer and more sustainable distribution of the GST, says Member for Barker Tony Pasin.
The reforms will deliver an additional $9 billion in extra untied funding to the states and territories over 10 years and an additional $1 billion in perpetuity once fully implemented.
The Legislation will also provide a guarantee that every state and territory will be better off.
During the transition period between 2021-22 and 2026-27, states and territories will get the better of the old or the new system over the period.
South Australia will receive total funding of $10.8 billion in 2018-19, an increase of $298.0 million (2.8%) since last Budget.
This increase includes Specific Purpose Payment funding of $3.9 billion in 2018-19, (up $4.1 million or 0.1 per cent) and GST funding of $6.9 billion in 2018-19, (an increase of $293.9 million or 4.5%) since last Budget.
The Productivity Commission will review the new system in 2026-27.
“Delivering a fairer and more sustainable GST distribution system is part of our plan for a stronger economy, helping to deliver the essential services Australians rely on,” said Mr Pasin.
Contact: Charlotte Edmunds 8531 2466