Last week’s Mid-Year Economic and Fiscal Outlook (MYEFO) has downgraded forecast spirit excise collections by $1.7 billion over the four years to 2027-28 when compared to the May budget, while tobacco excise estimates were downgraded by $10.7 billion:
“Total excise and customs duty receipts have been revised down by $3.3 billion in 2024–25 and $13.3 billion over the four years to 2027–28”, the MYEFO stated.
“This largely reflects lower tobacco excise receipts, which have been downgraded by $2.8 billion in 2024–25 and $10.7 billion over the four years to 2027–28, owing to lower-than-expected tobacco excise collections and a downgrade to the tobacco consumption outlook”.
