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ARTICLE · 09 MAY 2023

Brief Explainer: The Australian Federal Budget

O'Brien Criminal & Civil Solicitors
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The Budget outlines the estimated revenue and expenditure for the next financial year, and the proposed fiscal policy.

AustraliaGovernment, Public Sector
Ashley Chung
Ashley Chung
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How does the Australian government decide how to spend its money? Every year, the government makes a plan for how it will spend its money for the next year. This plan is called the Australian Federal Budget.

The Australian Federal Budget is a document that outlines the government's estimated revenue and expenditure for the following financial year, as well as its proposed fiscal policy.

To make sure everything is fair and honest, the government is guided by the Charter of Budget Honesty Act 1998.

The Budget Bills

The Australian government collects money from several sources including:

  • Taxes on incomes
  • Excise (on goods made and sold within the country)
  • Customs duties

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