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6342020
BUDGETARY POLICY
Description
Year 12 Economics Mind Map on BUDGETARY POLICY, created by Nathan Hick on 14/09/2016.
No tags specified
economics
year 12
Mind Map by
Nathan Hick
, updated more than 1 year ago
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Created by
Nathan Hick
about 8 years ago
12
2
0
Resource summary
BUDGETARY POLICY
Budgetary Policy
Aims
Low inflation
Equitable distribution of income
Economic Growth and Full employment
External stability
Main Elements
Budget revenues (Receipts)
Taxes
Budget Expenses (outlays)
Welfare
Education
Health
Non-Tax revenue
Federal Budget Revenue
Direct Tax
Company Tax
PAYG
Fringe Benefits Tax (FBT)
Capital Gains Tax (CGT)
Superannuation Tax
Medicare levy
Indirect Tax
Excise Duty Tax
Carbon Tax
Tariffs
Goods and Services Tax (GST)
Non-tax revenue
Government Business enterprises (GBE)
Federal Budget Expenses
Welfare
Health
Defence
Education
Transport
General Public Services
Budget Deficit
Overseas borrowing
NFD
Borrow from the RBA
Borrow from the Australian Public
Budget Surplus
Repay Debt
Save with the RBA
Special savings fund
Futures fund
Stabilisers
Automatic
WITHOUT Treasurer deliberately changing
PAYG
GST
Discretionary
WITH Treasurer deliberately changing
PAYG- Bracket shift
Company Tax
Budget Headline Balance
Includes Volatile events
Budget Underlying Balance
Excludes Volatile events
Government stance
Expansionary
Loosen Policies- Increased economic growth
Contractionary
Tighten Policies- Decreased economic growth
Neutral
Effectivness
Advantages
Targets all Goals
Disadvantages
Long Lag time
Pro-cyical
Political
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