Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

Thank you for the question. Obviously, given that we are facing a global recession, the depths of which we have not seen since the Great Depression, other countries in similar ways will be impacted in terms of revenue right across the types of areas that I have indicated. Obviously there will be a reduction in comparable taxes in other countries, depending on the nature and the structure of the various taxes they would have. Certainly with respect to individual income tax, for example, given the significant rise in unemployment that is occurring in other advanced economies—far worse than in Australia, I might say—that will have an impact on revenue from income tax, because receipts from income tax will go down.