GST at 10 - How long at 10%?
The GST was introduced in Australia 10 years ago on 1 July 2000 at the rate of 10% where it has stayed since. Experience in most other countries which have a GST is that the rate increases thereafter. In New Zealand it was introduced on 1 October 1986 at 10% and increased to 12.5% on 1 July 1989. In the recent NZ budget it goes to 15% from 1 October 2010.
European countries have had VAT(similar to GST) for longer periods and most are currently around 20%. The UK reduced their rate of 17.5% to 15% during the GFC but now they have to address a big budget deficit, it will be lifted to 20% from 4 January 2011.
Posted Wednesday, 30 June 2010
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