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Qantas announces $22bn impact o...

Qantas announces $22bn impact on Australian economy

New data published by Qantas reveals that the airline had an impact of $22 billion on the Australian economy over the course of the 2015 to 2016 financial year. 

The national carrier paid and collected a total of $2.5 billion in taxes during the period, with the figures originating in a Deloitte Access Economics study. 

It was indicated that the Qantas Group's direct and indirect economic impact adds up to $11.5 billion, which accounts for 0.7 per cent of Australia's total gross domestic product. 

Further to this, the airline facilitates an estimated $10.4 billion of tourism spending throughout the country - and as a result it directly and indirectly supports close to 60,000 jobs. 

This is the equivalent of 0.6 per cent of total employment throughout Australia.

In addition to the Deloitte report, Qantas voluntarily reported its tax payments for both the 2015 and 2016 financial years - an action it stated is in line with its ongoing, broader commitment to supporting strength and transparency in the Australian tax system.

This information specified that the $2.5 billion Qantas paid and collected in tax over 2015/16 is up from the corresponding figure of $2.3 billion that was recorded in the previous 2014/15 financial year. 

Qantas is continuing to work through accumulated tax losses - not least of which emerge from 2014, when the company reported record financial losses. 

This means that it is not currently required to pay company tax in Australia - although a range of categories such as ticket taxes, payroll tax, fuel excise and the goods and services tax mean that the airline's overall tax contribution is spread widely.

Once the tax losses have been used up, Qantas' company tax payments will be resumed, which should result in an even larger contribution to the national economy. 

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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