Australian Treasurer Peter Costello announced last week that the bank account debits tax is to be abolished.
The decision came following a meeting between federal, state and territory finance ministers, and will save taxpayers A$1 billion per year. Costello told reporters that the resulting loss of revenue for the government will be made up from growing GST revenues.
"The Commonwealth-State Ministerial Council on Financial Relations has today agreed that every state government will abolish the bank account debits tax by 1 July, 2005," Costello announced, adding: "Every person that has a check account, every small business that has an account will be a winner.”
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