This tradition changed in 1994, and it is now common for the budget to be announced on the first Tuesday of May. The Federal Budget gives valuable insight into the Government’s intentions and priorities for the following year and serves as an indication of the status of Australia’s economy.īased on the conventions of the Westminster system, the Government had released a federal budget every year since Australia’s federation in January 1901.įrom 1901 to 1993, the Treasurer released the budget in August on the first night of the Spring session. In comparison, that figure rose to about 25% in the 2010s.

Stephen Koukoulas, the managing director of Market Economics, found that in the 70’s the Government’s spending and taxing as a share of the economy was only 17-18% of GDP. The 2020/2021 budget also had the most significant deficit since World War Two.įederal government spending has increased dramatically since the 1970s. A budget surplus occurs when the Government receives more money in tax revenue than it spends.Īccording to data from the Financial Review, the Federal Budget released in 1999/2000 by Treasurer Peter Costello under the Howard administration had the highest budget surplus in Australian history. For example, the 2020 budget relates to the 2020/21 financial year.Ī budget deficit occurs when a government spends more money than it takes in. This account of the payments received and made by the Australian Government relates to the financial year that commences on the 1st of July and ends on the 30th of June of the following year. The Australian Federal Budget is a document that outlines the estimated revenues and expenditures of the Australian Treasury for the following year (and beyond). Our team at Nexus decided to provide an overview of the background and history on the Australian Budget. It is Budget time across the country and here in Canberra everyone is preparing for the big week ahead.

Federal budget 2021 date australia