What was in the 2014 Australian federal budget?

What was in the 2014 Australian federal budget?

The 2014 budget was the first delivered by the Abbott Government, since the Coalition’s victory in the 2013 Australian federal election. Treasurer Joe Hockey presented the budget to the House of Representatives on 13 May 2014. The budget featured significant changes to address a perceived deficit crisis.

What is an Australian government expenditure?

This is distinct from funding provided by the Australian government to other levels of government for agreed specific purposes such as building hospitals, infrastructure or funding schools. This expenditure is largely payments of the goods and services tax, which is collected by the Commonwealth but transferred to the states and territories.

How much of Australia’s budget is spent on aid?

Australian aid reached its least generous level ever in 2019-20: just 0.21% of Gross National Income. Based on budget projections, this may decline even further. Aid generally accounts for around 1% of the total spending in the Federal Budget, however this is also declining.

What is the Australian government’s budget strategy and outlook for 2020-21?

Australian Government, Budget strategy and outlook: budget paper no. 1: 2020–21, Statement 11: Historical Australian Government data , p. 11-6. The economic response to COVID-19 is a significant component of the additional expenditure expected in 2020–21, accounting for an estimated 4.1 per cent of GDP in that year.

What was the Australian budget deficit in 2013/14?

In August 2013, in a budget update before the forthcoming federal election, the Australian Treasurer under the Second Rudd Government forecast a $30.1 billion deficit for 2013/14.

What is the difference between 2014/15 and 2023/24 budgets?

The four-year forward estimates project a difference of $68 billion. More than half of that difference has been attributed to lower government revenue from taxation. A surplus was projected for 2023/24. The budget forecast a deficit for 2014/15 of $29.8 billion.

What was the fuel tax in Australia in 2014?

The change took effect on 10 November 2014, increasing the base rate to 38.6 from 38.14¢ per litre. See also: Fuel taxes in Australia