Tax surge consuming up to 45pc of household income

Australian households are devoting up to 45 per cent of their income to taxes, according to a new report predicting the total amount of revenue collected by federal and state governments will hit a 23-year high this year.

Federal, state and local government tax revenue is expected to amount to a near-record 30 per cent of gross domestic product in 2023-24, according to the paper from the Centre for Independent Studies, a centre-right leaning think tank.