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The March 2022 Australian federal budget was the federal budget to fund government services and operations. The budget was presented to the House of Representatives by Treasurer Josh Frydenberg on 29 March 2022.
The October 2022 Australian federal budget was the federal budget to fund government services and operations. The budget was presented to the House of Representatives by Treasurer Jim Chalmers on 25 October 2022. It was the first budget to be handed down by the Australian Labor Party since their election to government at the 2022 federal election.
Growth in spending and revenues over time reflect the growth of the economy and the responsibilities of the Commonwealth government. In comparison with similar economies, [a] Australia's government spending is relatively low. For the twenty-year period from 1960 to 1980, the growth in spending roughly matched percentages in the much higher ...
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
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The final budget outcomes for 2022–23 delivered a surplus of $22.1 billion (equivalent to 0.9% of Australia’s GDP), which was well above the government's forecasted surplus of $4.3 billion; this is Australia's first budget surplus in 15 years, and the largest ever Australian budget surplus. [11]
The “forward estimates” system evolved in Australia from the late 1970s through the 1980s, [1] and is used at both the Federal and State levels. The forward estimates provide a mechanism for discipline within the budgeting process that enables a greater focus on strategic policy issues, [ 1 ] and provide a strategic framework for budgetary ...
Expenditure-based GDP is total final expenditures at purchasers' prices (including the f.o.b. value of exports of goods and services), less the f.o.b. value of imports of goods and services. Total expenditure consists of total expense and the net acquisition of nonfinancial assets.