What is the definition of commonwealth money?
Commonwealth money refers to money collected and spent by the Australian (Commonwealth) Government. The Budget is the government’s annual statement of how it plans to collect and spend this money.
Federal Budget process
Parliamentary Education Office (peo.gov.au)
Federal Budget process
Parliamentary Education Office (peo.gov.au)
Description
This diagram illustrates the development and operation of the Budget:
- Budget documents are prepared by the Treasurer and Treasury department.
- The Treasurer makes a speech to the House of Representatives to introduce the budget bills.
- Members of parliament examine and debate the Budget bills.
- The Senate closely examines the use of the Budget throughout the year in Senate estimates committees.
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