Federal Budget Flashcards
Define revenue
Refers to money that the government receives. For example taxation and dividends.
Define expenditure
Refers to money that is spent by the government
Define calendar year
Goes from Jan 1st to December 31st
Define financial year
Always the first of July until the 30th of June
Define federal budget
The federal budget is a document that demonstrates the anticipated value of revenue and expenditure for the federal government for the next financial year
Define deficit
Deficit is when the expenditure exceeds revenue. The budget is said to be in deficit.
Define surplus.
When revenue exceeds expenditure. The budget is said to be in surplus.
What is the highest expenditure
The highest area of expenditure is social security and welfare
What’s the highest area of revenue
The highest area of revenue comes from taxes
An aspect where the government has made a change in the federal budget
An area of change on the federal budget is the superannuation tax. They have said that any one who is on an extremely high income will have there superannuation taxed at a higher rate, and people who earn a lower income, will have their superannuation tax lowered.
