|
Federal Budget (Australia)
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. Budgets are called by the year in which they are presented to Parliament and relate to a financial year that commences on the following 1 July and ends on 30 June of the following year, so that the budget brought down in May relates to the / financial year (1 July – 30 June , FY). Revenue estimates detailed in the budget are raised through the Australian taxation system, with government spending (including transfers to the states) representing a sizeable proportion of the overall economy. Besides presenting the government's expected revenues and expenditures, the federal budget is also a political statement of the government's intentions and priorities, and has profound ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Treasury
The Department of the Treasury, also known as The Treasury, is the national treasury and financial department of the federal government of the Commonwealth of Australia. The treasury is responsible for executing economic and fiscal policy, market regulation and the delivery of the federal budget with the department overseeing 16 agencies. The Treasury is one of only two departments that have existed continuously since Federation in 1901, the other being the Department of the Attorney-General. The most senior public servant in the Treasury is the department secretary, currently Steven Kennedy who was appointed in September 2019. Ministerial responsibility for the department lies with the Treasurer, currently Jim Chalmers who took office in the Albanese government in May 2022. Other ministers in the department are Clare O'Neil, who is the Minister for Housing, Minister for Homelessness and Minister for Cities; Anne Aly, who is the Minister for Small Business; and Da ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ralph Willis
Ralph Willis AO (born 14 April 1938) is an Australian former politician who served as a Cabinet Minister during the entirety of the Hawke-Keating government from 1983 to 1996, most notably as Treasurer of Australia from 1993 to 1996 and briefly in 1991. He also served as Minister for Industrial Relations, Minister for Transport and Communications and Minister for Finance. He represented the Victorian seat of Gellibrand in the House of Representatives from 1972 to 1998. Early life Willis was born in Melbourne on 14 April 1938. He is the son of Doris and Stan Willis; his father was a boilermaker who became a prominent trade unionist and served as federal president of the Boilermakers' Society of Australia and Boilermakers and Blacksmiths Society of Australia. Willis spent his early years in North Melbourne. The family moved to Footscray in Melbourne's western suburbs when he was two years old. He attended University High School and went on to complete a Bachelor of Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ComLaw
The Office of Parliamentary Counsel (OPC) is an Australian Commonwealth government agency established under the ''Parliamentary Counsel Act 1970'' (Cth) within the Commonwealth Attorney-General's portfolio. OPC drafts all government Bills that are introduced into the federal Parliament, legislative instruments made by the Governor-General, and a range of other delegated legislation. It also manages the Federal Register of Legislation (the ''Legislation'' ''Register'') to provide access to authorised, up-to-date versions of Commonwealth laws. OPC was established in 1970 and is currently led by Meredith Leigh, First Parliamentary Counsel. History Arrangements for the drafting of Commonwealth legislation were put in place at the very beginning of Australia's federation as a nation in 1901. Originally, the Secretary to the Attorney-General's Department was the Parliamentary Draftsman, with a separate position not created until 1946. By 1954, a Parliamentary Drafting Division had ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget By Country
This is the list of countries by government budget. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1. The following tables show the governmental budget balance, in millions of US dollars or millions of local currency units (LCU, the most commonly used in the country) and as percentage of GDP, based on data published by International Monetary Fund, World Bank, and Central Intelligence Agency According to International Monetary Fund, "revenue consists of taxes, social contributions, grants receivable, and other revenue. Revenue increases government's net worth, which is the difference between its assets and liabilities (GFSM 2001, paragraph 4.20). Total expenditure consists of total expense and the net acquisition of nonfinancial assets. Apart from being on an accrual basis, total expenditure differs from the GFSM 1986 definition of total expenditure in the sense that it also takes the disposals of nonfinancial as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Imbalance In Australia
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 States to provide most public services, such as physical infrastructure, health care, education etc., despite having only limited capacity to raise their own revenue. In Australia, vertical fiscal imbalance is addressed by the transfer of funds as grants from the federal government to the states and territories. Vertical fiscal imbalance Vertical fiscal imbalance in Australia is largely the product of the Commonwealth's takeover of income taxes in 1942, during World War II, and rulings of the High Court of Australia that made various state taxes unconstitutional under the Australian Consti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commonwealth Grants Commission
The Commonwealth Grants Commission is an Australian independent statutory body that advises the Australian Government on financial assistance to the states and territories of Australia under section 96 of the Australian Constitution. 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. The commission operates under the ''Commonwealth Grants Commission Act 1973'', and is responsible for measuring the relative fiscal capacity of each state and territory. The Commission recommends how the revenues raised from the goods and services tax (GST) should be distributed to each state and territory to achieve horizontal fiscal equalisation, a central feature of the Australian federation. References to Commission The Commission responds to a reference from the Australian Treasurer, which are generally requests for calculating appropriate ratios of per c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Government Debt
:''Throughout this article, the unqualified term "dollar" and the $ symbol refer to the Australian dollar.'' The Australian government debt is the amount owed by the Australian federal government. The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government. Australian government borrowings are subject to limits and regulation by the Loan Council, unless the borrowing is for defence purposes or is a 'temporary' borrowing. Government debt and borrowings (and repayments) have national macroeconomic implications, and are also used as one of the tools available to the national government in the macroeconomic management of the national economy, enabling the government to create or dampen liquidity in financial markets, with flow on effects on the wider economy. The net government debt is gross government debt less its financial assets, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Government Future Fund
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. Purpose The legislation establishing the Future Fund describes its main object as being 'to strengthen the Commonwealth's long-term financial position'. While legislation permits withdrawals from the fund from 1 July 2020, the government indicated in 2017 it intends to allow the fund to continue to accumulate until at least 2026/27 before making withdrawals. The Investment Mandate for the Future Fund is to target a benchmark return of at least the Consumer Price Index + 4 to 5 per cent per annum over the long term, while taking an acceptable but not excessive level of risk. The Future Fund Board is currentl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opposition (Australia)
In Australian parliamentary practice, the Opposition or the Official Opposition consists of the second largest party or coalition of parties in the Australian House of Representatives, with its leader being given the title ''Leader of the Opposition''. The Opposition serves the same function as the official opposition in other Commonwealth of Nations monarchies that follow the Westminster conventions and practices. It is seen as the alternative government and the existing administration's main opponent in the Australian Parliament and at a general election. By convention, the Opposition Leader in the federal Parliament comes from the House of Representatives, as does the deputy, although the Government and Opposition may also both have leaders in the Senate. The Opposition is sometimes styled as ''His Majesty's Loyal Opposition'' to show that, although the group may be against the sitting government, it remains loyal to the Crown (the embodiment of the Australian state), and thus t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sky News Australia
Sky News Australia is an Australian news channel owned by News Corp Australia. Originally launched on 19 February 1996, it broadcasts rolling news coverage throughout the day, while its prime time lineup is dedicated to opinion-based programs featuring a line-up of Conservatism in Australia, conservative Pundit, commentators. Sky News Australia is distributed on Multichannel television, pay television in Australia and New Zealand, while a free-to-air version of the service, Sky News Regional (which features programming from Sky News Australia and Fox Sports News (Australia), Fox Sports News) is distributed on Digital terrestrial television in Australia, digital terrestrial television by Southern Cross Austereo and selected WIN Television stations. The channel also operates two spin-off services, Sky News Weather Channel, and public affairs service Sky News Extra (formerly A-PAC). The channel was originally a joint venture between British broadcaster Sky UK, BSkyB (thus making it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Broadcasting Corporation
The Australian Broadcasting Corporation (ABC) is Australia’s principal public service broadcaster. It is funded primarily by grants from the federal government and is administered by a government-appointed board of directors. The ABC is a publicly-owned statutory organisation that is politically independent and accountable; for example, through its production of annual reports, and is bound by provisions contained within the Public Interest Disclosure Act 2013 and the Public Governance, Performance and Accountability Act 2013, with its charter enshrined in legislation, the ''Australian Broadcasting Corporation Act 1983''. ABC Commercial, a profit-making division of the corporation, also helps generate funding for content provision. The ABC was established as the Australian Broadcasting Commission on 1 July 1932 by an Act of Federal Parliament. It effectively replaced the Australian Broadcasting Company, a private company established in 1924 to provide programming for A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Pandemic
The COVID-19 pandemic (also known as the coronavirus pandemic and COVID pandemic), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), began with an disease outbreak, outbreak of COVID-19 in Wuhan, China, in December 2019. Soon after, it spread to other areas of Asia, and COVID-19 pandemic by country and territory, then worldwide in early 2020. The World Health Organization (WHO) declared the outbreak a public health emergency of international concern (PHEIC) on 30 January 2020, and assessed the outbreak as having become a pandemic on 11 March. COVID-19 symptoms range from asymptomatic to deadly, but most commonly include fever, sore throat, nocturnal cough, and fatigue. Transmission of COVID-19, Transmission of the virus is often airborne transmission, through airborne particles. Mutations have variants of SARS-CoV-2, produced many strains (variants) with varying degrees of infectivity and virulence. COVID-19 vaccines were developed rapidly and deplo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
