Tobacco excise revenue has shrunk to a nine-year low as smokers turn to the black market for cheaper cigarettes, prompting calls for the federal government to boost enforcement to plug the growing shortfall.
The federal government collected just $9.7 billion from the tobacco excise last financial year, according to Treasury, a 40 per cent fall from the record $16.3 billion haul in 2019-20 and the lowest take since 2014-15.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
