Australians will enjoy cheaper toys this Christmas thanks to the Government's tax reforms, the Minister for Financial Services & Regulation, Joe Hockey, said today.
"Last Christmas under the Labor Party's wholesale sales tax toys were taxed at 22per cent. This year with the introduction of the GST toy prices have fallen on average by more than 5.5 per cent," the Minister said.
"This information from the Australian Competition and Consumer Commission far exceeds all expectations and it will help every family in Australia during the Festive Season," the Minister said.
Last calendar year Australians spent $1.4 billion on toys with about 60 per cent of this, or $840 million, spent in the Christmas period. This equates to $195 in toys for every household across the country.
"The introduction of the GST has saved Australian families around $78 million in cheaper toys.
"If the ALP is committed to rolling back the New Tax System, then what does this mean for Australian consumers? It means more expensive toys for Australia's kiddies."
Toy prices after the GST
| Board Games Construction Toys Dolls and Figures Drawiang and Colouring Electronic Games Model Cars Modelling clay, play dough, etc Soft Toys Water Toys |
-5.1% -9.4% -7.7% -1.6% -9.8% -8.5% -1.0% -5.6% -1.4% |
[Source: the Australian Competition and Consumer Commission]