Economics Federal Budget Randwick Boys High School/ Economics Research Paper

1090 words - 5 pages

What is the federal budget?
The federal budget is the Australian government’s annual economic statement containing details of what it expects to collect in revenue and allocate in expenditure.

Budget Outcome
The budget outcome gives an indication of the overall impact of fiscal policy on the state of the economy. The federal budget outcome is a deficit and is expected to be $29.4 billion, meaning there is more injections than leakages. In 2017-18 and improve over the forward estimates to a projected surplus of $7.4 billion in 2020-21.

Fiscal Policy Stance
The change in the budget outcome from one year to the next can indicate a change in government fiscal policy stance. The 2017-18 federal budget undergoes a contractionary fiscal policy stance. With the chosen fiscal stance, the government of Australia might increase taxation revenue or decrease government expenditure. This type of fiscal stance aims to increase the level of economic activity by reducing aggregate demand. This should lead to a fall in inflation, but it risks increasing employment if demand is reduced too much.

Revenue and Expenditure
Figure 1.0

According to figure 1.0, the total revenue for the federal budget is forecasted at $449.5 billion in 2017-18, which is 7.8% higher than the $412.1 billion in 2016-17. The total expenditure for the federal budget is forecasted at $464.8 billion in 2017-18, which is 3% higher than the $450.8 billion in 2016-17.
Revenue Categories
Expenditure Categories

Individual and other withholding taxes (204.6b)
Health (75.3b)

Fringe benefits tax (4.3b)
Education (33.8b)

Company Tax (77.8b)
Defence (30.1b)

Superannuation fund taxes (8.5b)
General Public Services (20.7b)

Petroleum resource rent tax (1bil)
All other functions (47.6b)

Sales taxes (64.1b)
Social Security and welfare (164.1b)

GST (62.6b)
Other purposes (92.8b)

Excise and customs duty (36.88b)

Other Indirect Taxation (7.12b)

Main Goals of the Federal Budget

The government have chosen to focus on growing the economy, in particular by investing in infrastructure, to secure more and better paying jobs, and create an environment where people and businesses are enabled and permitted. By encouraging businesses to develop, and investing in key infrastructure will increase job creation and help deliver much needed pay rises for Australians. The government are to prioritise the vital services that Australians depend on, especially their most susceptible, by funding their share of important services in health care, housing, disability support, education and employment. These are services that give Australians the security and confidence they need to grab a hold of opportunities when they arise. During the times of low wage growth, Australians are more focussed on the delivery of vital services such as Medicare. Australians are assured, the government will not only continue to deliver these services, but will...

Find Another Essay On Economics - Federal Budget - Randwick Boys High School/ Economics - Research Paper

Solving the Foreclosure Crisis: Require an Economics Class to Graduate High School

1429 words - 6 pages class in order to graduate high school; a new requirement would be added to high school graduation requirement. The basic economics or government class that is now required would also need to cover a basic understanding of money management, personal finance and of course mortgage laws and vocabulary. This would give each person who graduates high school a foundation of knowledge in the management of finance and understanding the problems

Federal Way's Alternative High School Programs

833 words - 3 pages Many of Federal Way's alternative high schools or high school programs are actually schools within the Federal Way Public School System. The city also has private schools, special education schools and religious schools but they are not designated as alternative schools. Students in Federal Way have many options when it comes to education. Truman High School Career Academy Truman High School has two programs, one online and one face-to

Basic Economics: The Federal Reserve Board; Monetary and Open Market Policies

918 words - 4 pages What lies beneath the society we created? What binds all that we hold dear, if not economics? The first in control of the U.S federal system is The Federal Reserve Board. The chairman of the Federal Reserve Board is considered the second most powerful person in the world; second only the President of the United States. Though, so power the Fed (Federal Reserve Board) only has two functions: Monetary and Open Market policies. With these tools are

Economics Research Paper

1559 words - 6 pages Social studies is a huge part of the elementary curriculum. Without social studies, elementary students would have a huge gap in their knowledge content. Economics is responsible for providing a large amount of information to students. For third graders, the North Carolina Department of Public Instruction places economics under goal five. Goal five divides communities and the basic economic principles into seven objectives. The first

economics semester 2 notes - chester hill high

3396 words - 14 pages change and entrepreneurial expectations (if entrepreneurs expect consumer demand to increase, then there will be higher demand for labour) Macroeconomic: · Changes in total economic activity(if there is high economic activity, resulting in a higher consumption and trade of goods and services thus, more demand for labour, vice versa) · The productivity of labour (rising levels of productivity in the economy will lead to greater…) · The general

Iphone and Economica - Business Economics - Research Paper

3784 words - 16 pages collected. In a time when taxes are already high and we already have a deficit in the states and country’s budget, every tax dollar counts. Unemployment can shift the supply and demand in terms of Apple and the iPhone. When peoples are not making money, they are less likely to buy luxury goods such as smartphones. This means that the way Apple markets new versions of their phones would all be for nothing. When people are not bringing in income they

Critical Reading on Patriarchal Confusion? - london school of economics - assignment

1428 words - 6 pages Critical Reading on Patriarchal Confusion? Shiyuan Li 201701858 Abstract Through a reading and analysis of Sarah Bulmer’s article, patriarchal confusion? (2013), I summarize Sarah’s objective of research on which her research is mainly based, and the key approach she adopted to scrutinize patriarchal confusion. Besides, I conclude several crucial concepts in Sarah’s work in order to interpret her principle argument and further suggestions about

change management of financing and economics - school - assignment

2316 words - 10 pages focused on the provision of a platform for an integrated health care delivery model that takes consideration both preventive and curative approaches. This rationale for this proposal was based on the fact that there is a high prevalence of communicable, non-communicable and chronic diseases presently. This has led to a realization that the majority of the available health care facilities do not have all the necessary resources to control, treat as

Boys in the boat quote analysis - Lower dauphin high school - Assignment

1134 words - 5 pages New Critic Name: Isabelle Johnson Book Title: The Boys in the Boat Group: Number 4 Pages: Chapters 12-15 (Pages 207-296) Your job is to identify key passages from your reading. The idea is to have your group members go back to some especially interesting, powerful, funny, puzzling, or important sections of the reading and think about them more carefully. Also look for literary devices and make connections to the elements of fiction. You must

Dell Economics Term Paper

2018 words - 8 pages as Dell. One would also expect the success of Dell or the lack thereof, to be directly tied in with the unemployment rate, because out of work citizens have no money for purchases such as computers and their peripherals. This paper will attempt to confirm the above hypothesis.Consumer confidence is a report compiled monthly a non-profit business group known as the Conference Board and the Federal Reserve. It consists of a survey of 3,000

The cause and impacts of high CAD - Year 12 economics - Essay

1654 words - 7 pages leading to debt sustainability problems and a loss of international investor confidence, however; the Pitchford Thesis argues that a high CAD is beneficial because of increased capital investment. As such, the causes of Australia’s CAD and its implications for the Australian economy will be explored. Intro is good, however too long. Leave the first part out of intro, and start from ‘Australia has recorded a deficit in its CA…’ Mention ‘however, the

Similar Essays

Economics Exam Tips For High School Year 11 Exam Tips

1705 words - 7 pages social sciences wikispace.[footnoteRef:1]] [1: ~ click on Economics tab] If your school has a culture of students not turning up for external examinations try to think laterally. Some teachers try to get them to attend with the promise of a treat afterwards. Others check who turns up for the exam and ring home if they do not. They still have half an hour to get there! Ensure students know they will be able to

Economics Essay Lrsd Closing Schools Parkview High School Economics Homework Assignments

621 words - 3 pages Economics Essay- LRSD Closing Schools- Paced Decision Model In Arkansas, the LRSD is designing to make a determination on whether or not to close schools and make staffing cuts. They are making the options of closing up to four elementary schools. In 2014-2015 they made subjection that added up to a sum of $2,700,000. In 2015-2016, they made reduction that added up to $18,000,000, and in 2016-2018, they expect that the reduction will add up to

The Economics Of Federal Defense Policy

2569 words - 10 pages Policies under Clinton Administration, roughly 8 pages , ok really, nice job!(turn on wordwrap)The Economics of Federal Defense Policy - Political Science-----------------------------------------------------------Three out of four Americans polled in the 1992 election year believed that the United States was heading in the wrong direction. With such an overwhelming consensus, the country hired a new president to attempt to fix the vital issues

Role Of Federal Rate In Economics

1223 words - 5 pages meets to determine the federal funds rate. This in turn affects other short term interest rates. The determining rate immediately impacts the rates at which banks borrow money and the interest rates the banks use to charge their customers on loans. If the rate raise is too high, then money flow drops dramatically and banks and customers curtail lending and borrowing, waiting until a better rate is reached. This effect can have a dramatic impact on