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The commission was established in July 1933 by the Lyons government during the Great Depression to provide impartial advice on the distribution of federal government grants to the states. [2] The commission operates under the Commonwealth Grants Commission Act 1973 , and is responsible for measuring the relative fiscal capacity of each state ...
Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages.
An Australian federal budget is a document that sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year, proposed conduct of Australian government operations in that period, and its fiscal policy for the forward years. [1]
The age pension was the first payment made by the Australian Government, dating back to 1909. [25] There is no automatic entitlement to an age pension in Australia, unlike in countries such as the UK or New Zealand. Taxpayer-funded pensions are means tested [26] (similar to the UK's Pension Credit), effectively making them another type of benefit.
The 2024 Australian federal budget was delivered on budget night at 7:30pm on Tuesday, 14 May 2024 by Treasurer Jim Chalmers. [2] The budget will dictate how the Australian Government will allocate an estimated A$715 billion across the federal government, and to state and territory governments. [ 1 ]
There have been new trade deals with Australia and New Zealand and the government has been pursuing new agreements with the US and India. ... In 2025, the EU is planning ... Future payments under ...
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for public servants that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances.
The 2023–24 Australian federal budget is the federal budget to fund government services and operations. The budget was presented to the House of Representatives by Treasurer Jim Chalmers on 9 May 2023. It was the second budget handed down by the Australian Labor Party since their election to government in 2022.