NSW budget: Treasury on track for gambling boost
The global pandemic was barely a blip for Australian punters, with the NSW Treasury on track for gambling tax revenue of $2.8bn.
The global pandemic was barely a blip for Australian punters, with the NSW Treasury on track for gambling tax revenue of $2.8bn.
That’s an increase of $50m, or 1.8 per cent, since the 2019-20 half-yearly review.
It is not such good news for struggling Crown Casino, with a shrinking pool of international gamblers expected to wipe $190m off casino tax revenues over the next four years.
The public health orders that closed clubs, hotels and casinos in NSW between March and May lowered gambling tax revenues overall by $456m.
Hotel and club pokies revenue was $307m lower than expected during the shutdown but is predicted to surge back, from a low of $1.38bn to $1.9bn this financial year.
Revenue from racing actually went up, from $127m in 2019 to $174m in 2020, and will increase to $212m in 2021.
But the lack of visiting high-flyers has hit casinos hard and will continue to take a toll, with tax revenue shrinking from $394m in 2018-19 to $169m in 2019-20. Even in four years, casino tax revenue is expected to reach only $311m — assuming international borders are open.
Overall, casino tax revenue has been revised down by $190m over the four years to 2023-24, and that has meant overall gambling revenue across the state will be down by $128m over the same period.
Sadly for club-goers, the government’s $100 voucher scheme can’t be used for gambling.
PM pledges to splash millions on project in marginal seat
Anthony Albanese has promised federal funds to revamp a tourist hotspot he describes as ‘one of the most picturesque parts of Australia’.
Not quite as bad as Gough but it’s close
The Albanese government provides no rationale or narrative for its disconnected actions. Everything is spin. We’ve seldom seen a government this poor in such critical fields at such a dangerous time.