Australia markets close in 2 hours 58 minutes
  • ALL ORDS

    7,587.00
    +58.00 (+0.77%)
     
  • ASX 200

    7,296.00
    +50.90 (+0.70%)
     
  • AUD/USD

    0.7048
    -0.0009 (-0.13%)
     
  • OIL

    70.22
    +0.73 (+1.05%)
     
  • GOLD

    1,779.20
    -0.30 (-0.02%)
     
  • BTC-AUD

    71,995.90
    +2,066.59 (+2.96%)
     
  • CMC Crypto 200

    1,313.63
    +53.47 (+4.24%)
     
  • AUD/EUR

    0.6243
    -0.0002 (-0.04%)
     
  • AUD/NZD

    1.0450
    +0.0014 (+0.13%)
     
  • NZX 50

    12,609.57
    +11.76 (+0.09%)
     
  • NASDAQ

    15,846.16
    +134.12 (+0.85%)
     
  • FTSE

    7,232.28
    +109.96 (+1.54%)
     
  • Dow Jones

    35,227.03
    +646.95 (+1.87%)
     
  • DAX

    15,380.79
    +210.81 (+1.39%)
     
  • Hang Seng

    23,622.51
    +273.13 (+1.17%)
     
  • NIKKEI 225

    28,312.95
    +385.58 (+1.38%)
     

Aussies slapped with another alcohol tax hike from today

·1-min read
TORQUAY, AUSTRALIA - JANUARY 28: The 6th Cadel Evans Great Ocean Road Race 2020 in Torquay, Australia. (Photo by Tim de Waele/Getty Images)
(Photo by Tim de Waele/Getty Images)

Aussies across the country will be forced to cough up more for alcoholic beverages as the government’s unpopular ‘beer tax’ rises a further 1.2 per cent today.

Excise rates for alcohol are indexed twice a year in line with the consumer price index (CPI), according to the ATO, and have been increasing every six months for the past 35 years.

Of a carton of full-strength (4.9 per cent) beer retailing at $52, you’re already paying $21.84 (or 42 per cent) in tax, according to the Brewers Association of Australia – and that figure will likely rise with today’s beer tax hike.

In 2019, the federal government was estimated to have pocketed $3.6 billion in alcohol tax.

Australia’s alcohol tax is the fourth-highest in the world: while we pay $2.23 per litre of alcohol in tax on stubbies, cans and longnecks, it’s just 12 cents in Germany, 14 cents in Spain and 28 cents in the US. Across the pond, Kiwis pay half what we do at $1.18.

Today’s alcohol tax hike is the 71st consecutive hike, with the next hike expected to hit on 1 August 2020.

According to the World Health Organisation, excise taxes on alcohol are proven to reduce the harmful use of alcohol and help governments offset economic costs of alcohol abuse.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting