Wednesday, 9 May 2018

Heard Budget Speech 2018, read this morning's headlines? Now hunt the dollars using this cheat sheet

Because there is a great deal of sleight of hand in federal government annual budget announcements, to be sure that what the Turnbull Government is planning doesn't make life harder for you, your family and community everyone needs to read the fine print.

Budget Paper No. 1: Budget Strategy and Outlook - provides:
* information about the international and domestic economic outlook, including numerical estimates of key parameters such as gross domestic product (GDP) growth, employment, and the consumer price index (CPI)
* a statement of the Government’s fiscal strategy and the fiscal outlook of the Commonwealth (that is, the Government’s outlook and strategy for revenue, notably taxes)
* estimates of the revenues and expenditures of the Commonwealth, and their composition
* information on the proposed capital investment of the Commonwealth • information on the assets, liabilities—including contingent liabilities, or ‘risks’—and debt held or owed by the Commonwealth, and
* historical information about the Commonwealth’s fiscal and debt position. 
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Budget Paper No. 2: Budget Measures - contains information about the budget measures/policies Government intends to pursue and each measure will have a costing attached to it.
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Budget Paper No. 3: Federal Financial Relations -  contains information about financial assistance grants made by the Commonwealth to States and Territories. Includes specific purpose payments for health, education, roads, local government.  Also provides estimates of the amount of GST revenue that will be collected, and estimates of how much each state and territory will receive from the GST.
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Budget Paper No. 4: Agency Resourcing - deals with various types of appropriations that are used by the Government to fund entities and activities. Shows the amounts and types of appropriation that are expected to be utilised in the forthcoming year.
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