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Analyzing the Australia's Budget between the years 2002 and 2003 By Jimmy Jackson A budget is an estimate of Commonwealth revenue and expenditure for the forthcoming fiscal year. The Budget contains information on matters such as economic forecasts, the provision of G/S, the Government's social/political priorities and how the Government intends to attain these priorities. The main objectives of the federal government are to gain: * full employment of people 15-over who are willing and able to work * price stability - government attempting to maintain stable prices by controlling inflation rates * external balance - low current account deficit * economic growth - increasing real GDP per capita so living standards improve The role of a budget is to assist the government in achieving its economic objectives. The 3 possible budget outcomes are a Budget Surplus, this occurs when total level of economic activity is reduced by increasing taxes and lowering government spending. A Fiscal...

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