Friday, June 18, 2021

Increasing alcohol tax best way to fix budget deficit, says report

Economic modelling finds 10% hike in alcohol excise and scrapping of the wine equalisation tax would raise $2.9bn a year

Increasing the price of alcohol, particularly cheap wine and cider, would boost tax revenue by $2.9bn annually and be a boon to public health, says a new report.

The economic modelling found that a 10% hike in all alcohol excise and the scrapping of the wine equalisation tax (WET) would lead to a 9.4% cut in booze consumption and a corresponding cut in alcohol harms.

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