According to the Federal Budget papers, the wine equalisation tax is set to surge to over $60.7 billion in 2016/17, marking a 7,397 percent increase.
The wine equalisation tax (WET) is a value-based tax on wine consumed in Australia, attracting a 29 percent tax on the value of the wine at the last wholesale sale before adding GST.
As it turns out, the table which held the figures had WET positioned in the line directly below the amount of revenue forecasted to be raised from the GST, The Mercury reports.
The true forecast for earnings from WET are around the $780 million mark within the coming financial year, which is projected to rise steadily year after year to represent $810m by 2015/16.