the economy, cause current account deficits and therefore should be minimized. This includes minimising inflation, maintenance of full employment, and encouraging a sustained level of economic growth. Key fiscal policy measures included: Building Australia Fund, education Revolution and Jobs and Training Compact.5 billion investment to help first home buyers purchase a home (First Home Owners Boost). Australia has been booming since the early 2000Âs, where this is now the 17th year of continuous expansions since the last recession. This has reduced the effectiveness of fiscal policy in achieving objectives related to the reduction of public debt and movement towards a budget surplus.
Governments can use a budget surplus to do two things: to slow the pace of strong economic growth, and to stabilize prices when inflation is too high. There is often a stigma attached with high taxes on these groups because it seems to punish success and might discourage expansion.
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A budget deficit categorises Australia into being Âcrowded outÂ. Methods of funding edit Governments spend money on a wide variety of things, from the military and police to services like education and healthcare, as well as transfer payments such as welfare benefits. This decrease in consumer confidence may lead to consumers spending less which may cause government revenues to decrease as well. For example, you could choose to analyse fiscal policy in response to the GFC (20082009 post GFC (20112012) and the current budget (20162017 taking into account the different objectives during each stage. Sample introduction: Fiscal policy is a countercyclical macroeconomic policy tool that involves the use of taxation and government expenditure to allocate resources, redistribute income and achieve economic objectives and general policy goals (definition of a key term). As a result the economy would expand. The first and most important policy that must be implemented to combat these issues is an overall decrease in taxes. It is crucial that these tax cuts are permanent and not just temporary.
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