Anti Essays :: Free "2008-2009 Budget Report, Australia" Essay
Below is a free essay on "2008-2009 Budget Report, Australia" from Anti Essays, your source for online free essays, free research papers, and free term papers. Anti Essays also has a database of thousands of other free essays, free research papers, and free college essays. You can search for more free essays from Anti Essays using the search box above.
This free essay is for research purposes ONLY. Do NOT submit essays from Anti Essays as your own. If you use information from this free essay, it is your responsibility to cite it. MLA and APA citations can be found at the bottom of the page.
Submitted by haffo3170 on September 24, 2008
2008-2009 Budget Report
Economics
1. An outline of the aim and purpose of a budget in general.
A budget is a summary or plan of intended income and expenditures of a particular body. It is a document that demonstrates a body’s i.e. Government's planned financial performance and the framework it intends to conduct its operations in the forthcoming financial year.
The federal government obtains a sum of money, to which it has to allocate to the various needs and wants of our community. The major needs of our community consist largely of health, education, welfare, defence, environment and transport.
The budget also has to take into account income (i.e. income and business tax, GST) and whether or not to run a budget deficit or budget surplus, while considering reserves or savings. A budget deficit occurs when the government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.
With relation to the economic problem the budget intends to satisfy the greatest amount of wants and needs possible from its limited recourses.
N.B: with regards to this year’s federal budget issues of particular importance were that of inflation and interest rates, decreasing inequality between the wealthy and “working class” families,
1. Main points and issues contained in this year’s budget.
In a time of somewhat economic uncertainty, particularly with regards to the international market and current inflationary pressures, the Labor conservative initiative was a necessary one.
The first Rudd Swan Labor budget stated three key principals;
i. Providing a $55 billion Working Families Support Package, which rewards families for their hard work and helps them cope with the rising costs of living;
You must Login to view the entire essay.
If you are not a member yet, Sign Up for free!
"2008-2009 Budget Report, Australia". Anti Essays. 9 Jan. 2009
<http://www.antiessays.com/free-essays/15292.html>
2008-2009 Budget Report, Australia. Anti Essays. Retrieved January 9, 2009, from the World Wide Web: http://www.antiessays.com/free-essays/15292.html