The Australian Federal Government Budget

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2011/2012 Federal Government Budget

The Australian Budget is an annually published document which details the Federal Government's plans to affect the level of economic activity, resource allocation, and income distribution through the use of fiscal policy. It describes the framework which the government intends to follow during the next financial year which will result in the attainment of their objectives. The budget is a publication of the government's plans regarding the use of fiscal policy, and is published to parliament and the general public on “budget night”, so as to allow open dissemination about the status of public finances and to promote transparency in Australia's fiscal policy.

The 2011-12 budget will have a strong impact on a variety of issues, including economic growth, employment, inflation, external balance, ecologically sustainable development, and equitable distribution of income. The fiscal decisions taken in this budget could potentially impact the other main weapons of economic management, such as monetary policy, which will be discussed later.

One of that main features of the 2011-12 Federal Government Budget is that it will return to surplus in 2012-13, and as such, the budget is implemented as a three year plan. This will be achieved by continuing to invest in Australia's productive capacity, and minor cuts in spending in a variety of areas. Along with this, there has been increased spending to enhance Australia's workforce, increased spending on infrastructure, improving hospitals and healthcare, improving schools, helping families and low income earners, and investment into regional areas.

The overall objective of the budget is to create a “leaner, meaner and more efficient” economy, and...

... middle of paper ...

... Australia's workforce, infrastructure, schools, hospitals & healthcare, helping families and low income earners, and investment into regional areas.

By implementing these strategies the government will have created a stronger, more efficient economy, and the focus on a stronger labour force encourages future economic growth and development for Australia.

Bibliography

http://www.budget.gov.au/

http://moneybasics.nab.com.au/category/federal-budget-2011

http://www.heraldsun.com.au/news/special-reports/this-budgets-steady-as-she-goes/story-fn8menqx-1226053607112

http://www.ipac.com.au/Federal-Budget.aspx?gclid=CJ6Nkv_csakCFdIeHAodtBD9LA

Year 12 Economics 2010 – Tim Riley, published 2009, Tim Riley publications.

http://www.youtube.com 2011 federal budget unveiled - Mark Simkin

http://www.ubs.com/1/e/hsceconomics/elearning/australias_place.html

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