Current Forecasts Overview 2014-15

Taxation revenue is revenue received from the State’s taxpayers and includespayroll tax, land tax, duties levied principally on conveyances and landtransfers, gambling taxes, insurance duty, fire services property levy, motorvehicle taxes and other taxes including congestion levy, metropolitanimprovement levy and so on. The State’s taxation revenue is forecast by a process that involvesapplication of DTF’s economic forecasts, where there is a relationship betweentaxation revenue and economic variables; and use of forward indicators,unpublished revenue data and qualitative information from liaison withrelevant stakeholders. This enables an assessment of economic and other factors influencing the taxbases from which taxes are sourced e.g. for payroll tax, an assessment of theoutlook for employment. Where necessary, adjustment factors are used to account for other trends orevents not captured by the model, such as impact of economic shocks or policystimulus.