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The tax pulls in around $450M in revenue, which makes sense considering that if you buy a car that costs $300k, $50k of that is all taxes. Apparently, auto brands are even detailing up front how much of the price is actually going to the Australian government.
Many auto makers have voiced their displeasure with the tax, with Mercedes-Benz calling it an unfair "tax on technology." Toyota is also irritated by the tax, because their LandCruiser and Prado models (which most wouldn't necessarily consider part of the luxury bracket) are being hit by the tax due to their prices.