The federal Budget is the government’s annual statement of how it plans to collect and spend money for the coming financial year and further years. It includes details about taxation and other measures the government uses to raise funds, and outlines the areas and activities where funds will be spent—for example, covering costs in the education system, welfare payments and infrastructure such as roads and railways.
Presenting the 2019-20 Budget speech to the House of Representatives, the Treasurer, the Hon Josh Frydenberg MP, said ‘Tonight I announce that the budget is back in the black and Australia is back on track. For the first time in 12 years our nation is again paying its own way.’
Among measures proposed in the Budget, the Treasurer announced:
- investments in infrastructure to address traffic congestion in cities
- additional funding for youth mental health services, including 30 new Headspace centres
- the creation of 80 000 new apprenticeships
- funding for programs to encourage women and girls to pursue education and careers in science, engineering and mathematics
- programs to eradicate invasive species of ants.
The Budget is introduced into the Parliament as a series of appropriation bills. These bills—proposed laws—are examined by both the House of Representatives and the Senate. Once both chambers are in agreement, the bills are sent to the Governor-General for Royal Assent.