The Budget, Revenue, and Expenditure (HSC SSCE Economics): Flashcards
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Practise the cards
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Tools fiscal policy uses to achieve economic goals
Tools fiscal policy uses to achieve economic goals
Taxation and spending powers
Month Commonwealth Budget is presented to Parliament
Month Commonwealth Budget is presented to Parliament
May
% of govt revenue from taxation
% of govt revenue from taxation
93%
Meaning of progressive taxation structure
Meaning of progressive taxation structure
Higher income earners pay proportionally more tax
GST rate on most goods and services
GST rate on most goods and services
10% flat rate
Who receives GST revenue collected by Commonwealth
Who receives GST revenue collected by Commonwealth
State and territory governments
Largest government expenditure category and its %
Largest government expenditure category and its %
Social security and welfare - 36%
Definition of transfer payments
Definition of transfer payments
Money transferred from taxpayers to welfare recipients
Income tax as % of total government income
Income tax as % of total government income
68%
Why excise duties effective on inelastic demand goods
Why excise duties effective on inelastic demand goods
Consumers continue buying despite higher prices