Budget Review 2010–11
May 2010
PDF version [1.09MB]
Index
Introduction
Last year’s Budget was framed
amid a sharply deteriorating world economy which was considered the
most challenging global economic conditions since the Great
Depression. In 2009, the global economy contracted for the
first time in the post-war era. In contrast, Australia grew
by almost 1½ per cent supported by monetary and fiscal
policy stimulus, a well functioning banking system, and strong
growth in a number of East Asian economies.
The third Rudd Government Budget,
presented on 11 May 2010, was developed within an improving but
still uncertain outlook with events in Greece and other European
Union countries reminding us of the risks to the global economic
recovery. Strong economic growth in China and India is
expected to continue to flow throughout the region and, despite a
slower pace, the US is leading the recovery among our advanced
economy major trading partners. Global economic growth is in
the early stages of recovery but we should remain cognisant of the
precarious economic environment which is continuing to challenge
government policy makers around the globe.
Once again the Parliamentary Library
has produced the annual Budget Review that examines the
key features of a selection of crucial measures contained in the
Budget to assist parliamentarians in their consideration of these
issues. The first article, Budget 2010-11: Key features,
provides a macroeconomic analysis and commentary of the Budget
including the assumptions underpinning the Government’s
fiscal policy and the main spending and taxing features contained
in the Budget. The remaining articles examine the impact of Budget
measures on a broad range of specific issues and initiatives.
The Budget Review 2010-11
has necessarily been prepared under time pressure with a view to
making it available to parliamentarians as soon as possible. While
great care has been taken to ensure that these articles are
accurate and balanced, they are written using information publicly
available at the time of production. It is not the intention of
these documents to make value judgements about the relative
importance of different measures or to provide a comprehensive
overall assessment of the Budget.
Parliamentarians are invited to raise
points requiring amplification or clarification directly with the
research specialist concerned and any general comments on papers
are also welcome. Any other feedback should be forwarded to me.
Clients are also reminded that in addition to the Budget Review the
Library publishes the Opinion and analysis of the Budget in the
media page on our website (http://libiis1/library_services/budget_library/index.htm).
Roxanne Missingham
Parliamentary Librarian
May 2010