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Qantas’ economic impact reaches AUD 22 billion

December 7, 2016 Headline News No Comments Email Email

egtmedia59Qantas has released new figures showing that its impact on the Australian economy in 2015/16 totalled AUD 22 billion, while it paid and collected AUD 2.5 billion in taxes.

According to a Deloitte Access Economics study, the Qantas Group’s direct and indirect economic impact adds up to AUD 11.5 billion, or 0.7% of Australian GDP – more than the impact of whole industries like broadcasting and rail transport.

The study also finds that the Group facilitates AUD 10.4 billion of tourism spending throughout the country and directly and indirectly supports almost 60,000 jobs, or 0.6% of total Australian employment.

Alongside the Deloitte study, Qantas has voluntarily reported its tax payments for the 2015 and 2016 financial years, in line with its commitment to a strong, transparent Australian tax system.

The report confirms that Qantas paid and collected AUD 2.5 billion in tax during for 2015/16 – up from AUD 2.3 billion in 2014/15.

Qantas continues to work through accumulated tax losses – including from its record financial loss in 2014 – meaning it’s not currently required to pay company tax.   However, its overall tax contribution is spread widely across a range of categories, including ticket taxes, payroll tax, fuel excise and the GST.

The carrier said company tax payments would resume once Qantas’ tax losses had been used up, in accordance with tax law, “resulting in an even more significant contribution to public finances and the Australian economy”.

Edited by Peter Needham

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