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An Australian federal budget is a document that sets out the Australian government's proposed revenues and expenditures and conduct of its operations in the following financial year, and its fiscal policy for the forward years. The budget includes the government's estimates of revenue and expenses and may outline new policy initiatives.〔(Department of Finance - Budget )〕 Budgets are called by the year in which they are presented and relate to a financial year that commences on the following 1 July and ends on 30 June of the next year, so that the budget brought down in May relates to the financial year / (1 July – 30 June ). Revenue estimates detailed in the budget are raised through the Australian taxation system, with government spending representing a sizeable proportion of the overall economy. Besides presenting the government's expected revenues and expenditures, the federal budget is also a political statement of the government's intentions and priorities, and has profound macroeconomic implications. Australia follows, to a great extent, the conventions of the Westminster system. For example, the prime minister must have the support of a majority in the House of Representatives, and must in any case be able to ensure the existence of no absolute majority against the government. In relation to the budget, that requires that if the House fails to pass the government's budget, even by one dollar, then the government must either resign so that a different government can be appointed or seek a parliamentary dissolution so that new general elections may be held in order to re-confirm or deny the government's mandate. ==Process== The process of putting together the budget begins in November when the accrual information management system (AIMS) is updated with the latest estimates, and the senior ministers' review, where the Prime Minister, Treasurer, and Minister for Finance meet to establish the policy priorities and strategy for the coming financial year. The outcome of the senior ministers' review determines how the different portfolios will prepare their budget submissions for cabinet. Agencies within each portfolio do not submit a request for new funding, because their potential savings within the agency are unfounded. After Finance has agreed to the costings, the submissions are circulated for coordination comments and lodged with the cabinet office by late February. The Expenditure Review Committee (ERC), a committee of Cabinet, meets in March to consider all submissions. They decide which proposals will be funded and the level of funding each will receive. At the end of the ERC, the ad hoc revenue committee meets to make decisions on the revenue streams of the budget. A pre-budget review of the estimates is conducted after all decisions have been finalised to ensure that they are reflected in AIMS. Budget documentation commences at the end of the ERC process. Agencies prepare two components: the portfolio budget statements and the mid-year economic and fiscal outlook. The portfolio budget statements provide additional details and explanations of the budget and the statement of risks, which is included in Budget Paper No. 1. The final budget is presented and tabled in Parliament by the Treasurer on budget night. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Australian federal budget」の詳細全文を読む スポンサード リンク
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