Expected revenue from spirits and tobacco excise has been downgraded by $12.5 billion over the next four years as soaring taxes drive a decline in consumption but also a shift towards contraband products.
The Mid-Year Economic and Fiscal Outlook, released on Wednesday, shows a rapid decline in forecast revenue from the so-called sin taxes, since the previous estimates in the May budget.
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Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on Facebook and Twitter. Email Phillip at pcoorey@afr.com
