FEDERAL BUDGET RESEARCH TASK SALEEM GAGGUTURU
The Australian federal budget is a document that establishes the government's planned finance and it's conduct of operations. The purpose of the budget is to set out the economic and financial outlook for Australia and it includes consumption and income estimates for the current financial year, and 3 forward financial years. It also shows the government's priorities, and how the government intends to achieve this. Without the federal budget, the country wouldn't know where the nation's money is going to and why they're paying tax. It wouldn't know where the revenue will be spent or which category it requires more assistance. Hence, this is why the federal budget exists.
The most amount of money spent in the budget includes the Gonski education, DisabilityCare Australia and spending in defence.
The Gonski education is a school funding reform (outlined in Gonski review), and will consist of $9.8 billion dollars over six years from 2014-15. DisabilityCare Australia is another major spending acknowledged in the Budget, and the scheme will support more than 400,000 Australians with a disability, their families and carers. Funding to DisabilityCare will come from the increase in Medicare levy as it is set to be increased to two per cent of taxable income from July 2014. Total investment in scheme $19.3 billion over seven years
The expenditure for defence would will increase by more than $5.4 billion dollars between 2013 and the year 2016. Proportion of this money will be used to purchase twelve EA-18G Growler electronic attack aircraft, which will cost $3 billion dollars over 9 years. Some of this money has also been allocated for navy ships, submarines studies, fighter jets and surveillance place. Other defence expenditure will be used for the protection of our borders, which will include $9.9 million dollars, in order to accomplish this.
The Gonski education is absolutely necessary for primary schools because...