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2020 Australian Federal Budget
The 2020 Australian federal budget was the Australian federal budget, federal budget to fund government services and operations for the 2020–21 financial year. The budget was presented to the Australian House of Representatives, House of Representatives by Treasurer of Australia, Treasurer Josh Frydenberg on 6 October 2020. It is the seventh budget to be handed down by the Coalition (Australia), Liberal/National Coalition since their election to government at the 2013 Australian federal election, 2013 federal election, and the second budget to be handed down by Frydenberg and the Morrison Government. Due to the COVID-19 pandemic and the subsequent COVID-19 recession, economic recession, the budget was submitted five months later than the traditional annual date of the second Tuesday in May. Background This budget comes after Australia has reported its largest budget deficit since the Second World War, second world war. The COVID-19 pandemic put a strain on Australia’s econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Morrison Government
The Morrison government was the federal executive government of Australia, led by Prime Minister Scott Morrison of the Liberal Party of Australia, between 2018 and 2022. The Morrison government commenced on 24 August 2018, when it was sworn in by the Governor-General of Australia. It was composed of members of the Liberal– National Coalition and succeeds the Abbott (2013–2015) and Turnbull (2015–2018) coalition governments in office, competing against the Australian Labor Party as the major Opposition party. Nationals Leader Michael McCormack served as Deputy Prime Minister of Australia from the formation of the Morrison government until June 2021. He was replaced as Leader of the Nationals and Deputy Prime Minister by Barnaby Joyce. Scott Morrison served as Treasurer in the Turnbull government and became Prime Minister following the resignation of Malcolm Turnbull in 2018. The Coalition had been led to government at the 2013 Election by Tony Abbott, however Malcol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Recession
The COVID-19 recession, also referred to as the Great Lockdown, is a global recession, global economic recession caused by the COVID-19 pandemic. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis. Within seven months, every advanced economy had fallen to recession. The first major sign of recession was the 2020 stock market crash, which saw major indices drop 20 to 30% in late February and March. Recovery began in early April 2020; by April 2022, the GDP for most major economies had either returned to or exceeded pre-pandemic levels and many market indices recovered or even set new records by late 2020. The recession saw unusually high and rapid increases in unemployment in many countries. By October 2020, more than 10 million unemployment cases had been filed in the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Budgets
Australian(s) may refer to: Australia * Australia, a country * Australians, citizens of the Commonwealth of Australia ** European Australians ** Anglo-Celtic Australians, Australians descended principally from British colonists ** Aboriginal Australians, indigenous peoples of Australia as identified and defined within Australian law * Australia (continent) ** Indigenous Australians * Australian English, the dialect of the English language spoken in Australia * Australian Aboriginal languages * ''The Australian'', a newspaper * Australiana, things of Australian origins Other uses * Australian (horse), a racehorse * Australian, British Columbia, an unincorporated community in Canada See also * The Australian (other) * Australia (other) * * * Austrian (other) Austrian may refer to: * Austrians, someone from Austria or of Austrian descent ** Someone who is considered an Austrian citizen, see Austrian nationality law * Austrian German dialect * Someth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Australia
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission. Australia maintains a relatively low tax burden in comparison with other wealthy, developed nations, at 27.8% of GDP in 2018. History When the first Governor, Governor Phillip, arrived in New South Wales in 1788, he had a Royal Instruction that gave him power to impose taxation if the colony needed it. The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury goods. After 1824 the Government of New South Wales raised extra revenue from customs and excise duties. These were the most important sources of revenue for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Australia
Australia is a highly developed country with a mixed-market economy. As of 2022, Australia was the 14th-largest national economy by nominal GDP (Gross Domestic Product), the 20th-largest by PPP-adjusted GDP, and was the 22nd-largest goods exporter and 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession (two consecutive quarters of negative growth). As of June 2021, the country's GDP was estimated at 1.98 trillion. The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. Despite the recent decline in the mining sector, the Australian economy had remained resilient and stable and di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Government Debt
:''Throughout this article, the unqualified term "dollar" and the $ symbol refers to the Australian dollar.'' The Australian government debt is the amount owed by the Australian federal government. The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government. Australian government borrowings are subject to limits and regulation by the Loan Council, unless the borrowing is for defence purposes or is a 'temporary' borrowing. Government debt and borrowings (and repayments) have national macroeconomic implications, and are also used as one of the tools available to the national government in the macroeconomic management of the national economy, enabling the government to create or dampen liquidity in financial markets, with flow on effects on the wider economy. The net government debt is gross government debt less its financial assets, which i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second World War
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers. World War II was a total war that directly involved more than 100 million personnel from more than 30 countries. The major participants in the war threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. Aircraft played a major role in the conflict, enabling the strategic bombing of population centres and deploying the only two nuclear weapons ever used in war. World War II was by far the deadliest conflict in human history; it resulted in 70 to 85 million fatalities, mostly among civilians. Tens of millions died due to genocides (including the Holocaust), starvation, ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Pandemic
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identified in an outbreak in the Chinese city of Wuhan in December 2019. Attempts to contain it there failed, allowing the virus to spread to other areas of Asia and later worldwide. The World Health Organization (WHO) declared the outbreak a public health emergency of international concern on 30 January 2020, and a pandemic on 11 March 2020. As of , the pandemic had caused more than cases and confirmed deaths, making it one of the deadliest in history. COVID-19 symptoms range from undetectable to deadly, but most commonly include fever, dry cough, and fatigue. Severe illness is more likely in elderly patients and those with certain underlying medical conditions. COVID-19 transmits when people breathe in air contaminated by droplets and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Representatives Of Australia
The House of Representatives is the lower house of the bicameral Parliament of Australia, the upper house being the Senate. Its composition and powers are established in Chapter I of the Constitution of Australia. The term of members of the House of Representatives is a maximum of three years from the date of the first sitting of the House, but on only one occasion since Federation has the maximum term been reached. The House is almost always dissolved earlier, usually alone but sometimes in a double dissolution of both Houses. Elections for members of the House of Representatives are often held in conjunction with those for the Senate. A member of the House may be referred to as a "Member of Parliament" ("MP" or "Member"), while a member of the Senate is usually referred to as a "Senator". The government of the day and by extension the Prime Minister must achieve and maintain the confidence of this House in order to gain and remain in power. The House of Representative ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2013 Australian Federal Election
The 2013 Australian federal election to elect the members of the 44th Parliament of Australia took place on 7 September 2013. The centre-right Liberal/National Coalition opposition led by Opposition leader Tony Abbott of the Liberal Party of Australia and Coalition partner the National Party of Australia, led by Warren Truss, defeated the incumbent centre-left Labor Party government of Prime Minister Kevin Rudd in a landslide. Labor had been in government for six years since being elected in the 2007 election. This election marked the end of the Rudd-Gillard-Rudd Labor government and the start of the 9 year long Abbott-Turnbull-Morrison Liberal-National Coalition government. Abbott was sworn in by the Governor-General, Quentin Bryce, as Australia's new Prime Minister on 18 September 2013, along with the Abbott Ministry. The 44th Parliament of Australia opened on 12 November 2013, with the members of the House of Representatives and territory senators sworn in. The state senator ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treasurer Of Australia
The Treasurer of Australia (or Federal Treasurer) is a high ranking official and senior minister of the Crown in the Government of Australia who is the head of the Ministry of the Treasury which is responsible for government expenditure and for collecting revenue. The Treasurer plays a key role in the economic policy of the government. The current Australian Treasurer is Jim Chalmers whose term began on 23 May 2022. The Treasurer implements ministerial powers through the Department of the Treasury and a range of other government agencies. According to constitutional convention, the Treasurer is always a member of the Parliament of Australia with a seat in the House of Representatives. The office is generally seen as equivalent to the Chancellor of the Exchequer in the United Kingdom or the Secretary of the Treasury in the United States or, in some other countries, the finance minister. It is one of only four ministerial positions (along with Prime Minister, Minister for Def ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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