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The fiscal imbalance in Australia is the disparity between the revenue generation ability of the three levels of governments in Australia relative to their spending obligations; but in Australia the term is commonly used to refer more specifically to the vertical fiscal imbalance, the discrepancy between the federal government's extensive capacity to raise revenue and the responsibility of the ...
Many public policy experts prefer the notion of "vertical fiscal asymmetry" —coined and conceptualised by Sharma (2011) [5] —over its alternative "vertical fiscal imbalance" because the former is relatively neutral [6] [7] and highlights the unfeasibility of a balance or symmetry purporting to eliminate any kind of vertical fiscal asymmetry ...
The discussion of fiscal imbalance and equalisation was of particular importance in the drafting of the new Iraqi constitution. It was a sticking point for the drafting process—with the oil rich regions seeking to minimise the reallocation of revenue while other regions sought to maximise equalisation payments.
Australia introduced a formal system of horizontal fiscal equalisation (HFE) in 1933 to compensate states/territories which have a lower capacity to raise revenue. The objective is full equalisation which means that, after HFE, each of the six states, the Australian Capital Territory and the Northern Territory would have the capacity to provide services and the associated infrastructure at the ...
This process includes the development of a congressional budget resolution, which sets spending and revenue targets for the upcoming fiscal year and at least the following four years. A congressional budget resolution is a non-binding resolution passed by both the House of Representatives and the Senate that sets spending and revenue targets ...
Fiscal imbalance (French, déséquilibre fiscal) is the term used in Canada to describe a monetary imbalance between the Canadian federal government and the provincial governments. According to the fiscal imbalance theory, the federal government achieved an important surplus by cutting its contributions towards provinces, leaving provinces with ...
In fiscal year 2008–09, 487 million tonnes of coal was mined, and 261 million tonnes exported. [145] Australia is the world's leading coal exporter. [146] The Australian mining corporations Rio Tinto Group and BHP are among the largest in the world. Rio Tinto's Argyle mine in Western Australia was the second-largest diamond mine in the world.
Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether ...