chapter 16: gov in action Flashcards
1
Q
define fiscal policy
A
macroeco policy that involves the use of taxation and spending power thru the commonwealth budget in order to achieve certian economic objectives
2
Q
what si the commonwealth budget
A
an official doc that sets out the gov’s revenue and expenditure plans for the coming yr
3
Q
forms of commonwealth gov revenue
A
- income tax 69% of total gov rev
- personal income tax 48%
- company tax 16%
- GST
- excise and custom duties 8%
- other
- non tax revenue
4
Q
what do the commonwelath gov expend on
A
- social security and welfare - education
- health
- provision of infrastructure or social overhead capital
- protecting the enviro and promoting ecologically sustainable development
5
Q
the change in budget outcome from one yr to the next can indsicate a change in gov fiscal policy stance what are the three stances
A
- contractionary fiscal stance:
