This website uses cookies to ensure you have the best experience. Learn more

Economics Essay

1413 words - 6 pages

FEDERAL BUDGET RESEARCH TASK SALEEM GAGGUTURU

The Australian federal budget is a document that establishes the government's planned finance and it's conduct of operations. The purpose of the budget is to set out the economic and financial outlook for Australia and it includes consumption and income estimates for the current financial year, and 3 forward financial years. It also shows the government's priorities, and how the government intends to achieve this. Without the federal budget, the country wouldn't know where the nation's money is going to and why they're paying tax. It wouldn't know where the revenue will be spent or which category it requires more assistance. Hence, this is why ...view middle of the document...

The Gonski education is absolutely necessary for primary schools because Australian school's education is falling behind compared to the other countries education. If primary school kids gain good education from kindergarten, they will find it easier in the upcoming years such as the HSC or tertiary education. The companies still argue that there is a lack of skills to their employees because of our previous education system. Therefore, the Gonski education is vital because it will help kids become more educated and this lead to stronger economy in the future.
Just like the Gonski education, the NDIS is vital to all disabled people because everyone deserves a fair go. Without the NDIS, disabled people will have difficulties getting from place to place, especially if they are on a wheelchair, as there will be a lack of ramps. Also, without this, the disabled people will find it difficult to play for necessities, assistance and equipment, and it will be unfair to them. Hence, many people are supporting and looking forward to the NDIS as it will benefit the society as a whole.
As a contrast to this, too much money is spent on defence. The Australian government shouldn't spend $3 billion dollars for an attack aircraft as this money can be used for a better use. With half of this money, it can be invested in to research of establishing stronger weapons; we do not need “EA-18G GROWLER electronic aircraft”, we can just upgrade the aircrafts we have now for half the price. Too much money is going towards defence and it shouldn't have to be this way.
This table below shows all the members of the society and which ones benefit in the budget, and which ones don't.

The table below shows the winners and losers in the 2013 Federal Budget. The winners are the ones that benefit from the budget, where as the losers are on a disadvantage scale.
Winners | Losers |
School kids Gonski education reforms funded for 6 years, includes $2.9 billion dollars in budget over four years. | Business Tax increased for companies in order to raise $4.2 billion dollars over 4 years. |
Disabled people Disability insurance funded with $1.9 billion dollars in the budget for seven years. | Miners |
Commuters Infrastructure, rail & road programs included $24 billion in the budget. | Banks Offshore vehicles removed to raise $320 million dollars. |
Students & Employees Research, education and skills funding of $1.2 billion dollars in the budget. | Super funds & trusts Now must pay monthly tax bills: receiving $1.4 billion dollars. |
Disadvantaged Welfare and health spending: $1.8 billion dollars in the budget. | Importers Import processing charge introduced. |
Forests Supporting the Tasmanian forest agreement: $330 million dollars in the budget. | Parents Removed baby bonus, saving $1 billion dollars over 4 years. |
Compared to other countries, such as India or China, Australian primary...

Other Essays Like Economics Essay

What Is Economics Essay

1452 words - 6 pages the ordinary business of life.” (Marshall, 1890). v Bibliography: * Callahan, G. (2002). Economics for Real People: An Introduction to the Austrian School. Alabama: Ludwig Von Mises Institute. * Humphreys, J. (2007). Everything you always wanted to know about Austrian Economics. Review, 17-19. * Robbins, L. (1932). An Essay on the Nature and Significance of Economic Science. London: McMillan. * Samuelson, P.A. (1948

Economics - Government Intervention Essay

1166 words - 5 pages A common form of government intervention in the market is the raising of market price through indirect taxes. They can intervene into any market if they feel it to be necessary, but for an example in this essay, I will use the goods & services market; more specifically, the markets of alcopops and cigarettes. The government intervenes into these markets by applying a tax on the products to raise the price. The intervention is seen to be for the

Economics

1011 words - 5 pages Leadership Styles Overview For Week 2, the leadership styles that are proposed for the Tent City Project. The two styles that would work best for the Tent City project is Task-Oriented and Transactional. Recommended Leadership Style Task Oriented The Task Oriented Leadership as defined by, making the Team a Guide for Managers, is the leader focuses on accomplishing the objectives of the team. Sarah had been advised in the case study

Economics

738 words - 3 pages what are externalities? Externalities are common in virtually every area of economic activity. They are defined as third party (or spill-over) effects arising from the production and/or consumption of goods and services for which no appropriate compensation is paid. Externalities can cause market failure if the price mechanism does not take into account the fullsocial costs and social benefits of production and consumption. The study of

Economics

562 words - 3 pages claimed as a dependent on his parents' return. Gross Income = $3,000.00 Less: Standard Deduction = $1,000.00 + $300.00 Is this essay helpful? Join OPPapers to read more and access more than 600,000 just like it! get better grades = $1,300.00 Total Taxable Income = $1,700.00 13-55 Mr. Z, a non-dealer, sold assets on an installment plan. Determine Mr. Z's gross income for 2011. Relevant data include: In order to determine the Gross

Economics - 1163 words

1163 words - 5 pages Section One: Multiple Choice A 1. If a 20% decrease in the price of long distance phone calls leads to a 35% increase in the quantity of calls demanded, you may conclude that the demand for phone calls is a. elastic. b. inelastic. c. unit elastic. d. stretchy elastic. B 2. Which of the following pairs are examples of substitutes? a. Popcorn and Soda b. Automobiles and bicycles c. Boats and fishing tackle d. Wine and cheese B 3

Economics - 3825 words

3825 words - 16 pages 1 Purpose of Interpersonal Skills In Effective Performance Appraisal 1.0 INTRODUCTION When asked what is Interpersonal skills, the answers quite straight forward, people interacting with other people, that's what interpersonal skill means. We all start doing it from the moment we're born. And if all goes well as we grow up, we get more skilled at communicating our wants and needs, our feelings and thoughts. We also learn to interpret other

Economics - 608 words

608 words - 3 pages cupcake store is located in a mall and is the only cupcake store in that mall. The demand schedule for cupcakes (per dozen) is given in the table below. If the marginal cost to produce a dozen cupcakes is $4 per unit, how many units should the firm produce? Price Quantity Purchased (Dozen per day) $12 3 $11 7 $10 12 $9 20 $8 35 $7 60

Economics - 582 words

582 words - 3 pages PROBLEM: What kind of improvements or which among its public services do the government must focus to lessen the number of Filipino citizens experiencing poverty? Poverty incidence among population rose from 24.9 percent in 2003 to 26.4 percent in 2006 and then inched up further to 26.5 percent in 2009. Although this aggregate poverty rate shows only a few percentage points change from 2003 to 2009, this doesn’t mean there aren’t movements in

Economics - 1482 words

1482 words - 6 pages -2 Refer back to Chapter 9. How are some ways in which outsourcing may have affected the effectiveness of taxation in the redistribution of income? History has proven that outsourcing leads to wage inequality. Capital flows that sustain trade imbalances eventually stop, and when they do, adjustments in sources of comparative advantages must take place so that the trade surplus countries—such as China today—become less competitive (lose

Economics - 2637 words

2637 words - 11 pages . These points validate Holfstede's statement on Sweden's power distance. Today, uncertainty in economics is undeniable with the recent downturn of the United State's economic problems. This has affected everyone globally. Hofstede explains to us that Sweden is not threaten by the unknown impact that the economy might have on society in the foreseeable future. This dimension shows that society in Sweden has a more relaxed attitude. Given their

Related Papers

Economics Essay

1260 words - 6 pages choices. Why not? Economics is additionally regarding plumbing the depths of why we have a tendency to typically do and typically do not create what appear to be the foremost economizing or economical selections. The British economist Lionel Robbins pointed out that “Economics is the study of given ends and scarce means.” Robbins' most acclaimed book was An Essay on the Nature and Significance of Economic Science, one of the best-composed

Economics Essay

1854 words - 8 pages Zachery Teo CT0246245 Singapore is a high-income economy with a gross national income $54,040 per capita (Atlas Method) , as of 2013. The nation provides the world’s most business-friendly regulatory environment for local businessmen and is ranked amongst the world’s most aggressive economies. In the decades after independence, Singapore quickly transformed from a low income nation to a high income nation. GDP developed with a average of 7.7

Essay On Economics

2130 words - 9 pages -warnbsagainst-457-crackdown/4669634?section=wa >. Department of Education, Employment & Workplace Relations 2013, viewed 26 April 2013. Gans, J., King, S., Stonecash, R., Mankiw, N.G. 2012, ‘Principles of Economics’ 5thEd, Chapters 6, 9, 19 & 20. Cenage Learning. Department of Immigration and Citizenship 2012, Fact Sheet 14 –Migrant Labour Market Outcomes, viewed 5 May 2013, Garnaut, R., Ganguly, R., and Kang, J. 2003, ‘Migration to Australia and

Economics Essay On The Australian Sharemarket And How It Works

1635 words - 7 pages The Share MarketThe share market in Australia has two main functions. Firstly, it provides a link so that listed companies can receive equity funds to expand their operations and so that the people with the funds can invest and receive return in capital gains and dividends income. Secondly, it provide a market place where buyers and sellers can come together for the trading of shares and other securities at the current market price which has been