Queensland Unwilling to be Left Behind by Victoria and South Australia
“It’s one for you, nineteen for me,” we would attribute to the immortal John Lennon, but for the fact that he is dead; something that immediately disqualifies the use of the word immortal.
News has just crossed our desks, and that is a most dangerous crossing, as our desks are minefields of debris where current information sometimes lays dormant for sufficient time to emerge as history, that the Queensland government is going to tax the bookmakers’ net wagering revenue to the tune of 15 percent.
That tax will go into effect on October 1, 2018, just in time to reap the harvest of the big spring thoroughbred races and the footy finals.
Do not shed any crocodile tears for the bookies, however; they will simply knock market odds down by 15 percent or find some other way to protect their profits.
A case of killing the goose that laid the golden egg?
If further proof is needed about the way governments are addicted to tax revenue, Queensland has not decided what to do with the tax money, but they are quite sure that the new revenue is critical.
The tax is projected to raise, according to the AAP, $70.9 million in its first year.
Interesting figure, that. We would have thought to say $71 million even and call it good.
The man bites dog, or man punches kangaroo aspect of the story, is that the Queensland racing industry is lobbying to have all the money directed to support the three racing codes.
The $70.9 million figure sounds exactly like what would be required to drain the bog at Eagle Farm, except that after the money is gone, it would soon be discovered that $70.9 million was actually inadequate.
In some parts, taxes of this nature are referred to as, “sin taxes,” but the more enlightened crowd refers to them as “user fees,” as only taxpayers who support an activity pay the levy. Of course, the taxed now have less money to spend…you get the picture.
If you think Winx was short in the past, wait until you see her price for the 2018 Cox Plate.