AusBN - Big businesses in Western Australia will be subject to increased payroll tax bills and gold miners will face higher royalty fees, as the new government looks to bring the state budget back into the black by 2021.
For the next five years, employers with a nationwide payroll between AUS$100 million and $1.5 billion will pay 0.5% more payroll tax, shaving $435 million from the state’s net debt.
The increased levy is expected to affect 1,200 businesses, or 0.5% of the state's corporate world.
The state government also hopes to raise nearly $400 million from the mining industry with higher royalty fees imposed on gold producers, a move sure to invoke a backlash from the sector.
Nonetheless, WA's budget is predicted to be $2.3 billion in the red this financial year, with deficits above $1 billion predicted each year until a forecasted return to surplus in 2020-21.
The budget also outlined that up to 3,000 voluntary redundancies would be made from the public sector, designed to save $355 million over the forward estimates.