Published on : Saturday, December 3, 2016
According to a Deloitte Access Economics study, the Qantas Group’s direct and indirect economic impact adds up to $11.5 billion, or 0.7 per cent of Australian GDP – more than the impact of whole industries like broadcasting and rail transport.
The study also finds that the Group facilitates $10.4 billion of tourism spending throughout the country and directly and indirectly supports almost 60,000 jobs, or 0.6 per cent 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 $2.5 billion in tax during for 2015/16 – up from $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.
Company tax payments will resume once Qantas’ tax losses have been used up, in accordance with tax law, resulting in an even more significant contribution to public finances and the Australian economy.