Tax revenue increased to $86.5 billion for the year ended 30 June 2019; a $6.2 billion and 28.8 percent of GDP. There were two key drivers of growth in tax revenue. Growth in nominal GDP led to a rise in core Crown tax year on year through higher employment, higher wages, more domestic spending, and higher corporate profits. The recent transition to the new system for corporate and individual tax brought forward the recognition of some tax revenue. Tax revenue was ahead of forecast at Budget 2019 by $1.8 billion. 