Illegal nicotine revenue to experience a $12b cut

New government data has revealed tax revenue from tobacco could fall by $12 billion over the next five years. The revenue decline is due to the rise in illegally imported cigarettes which are openly on sale across the country through the black market. Budget papers suggest the tobacco excise has been slashed by $2 billion this year. The drop is after Labor pledged $188 million earlier this year to crackdown on illegal nicotine.