In Australia, the financial year is between 1 July and 30 June and the budget day is normally in May. The budget is the occasion of the Australian government’s annual fiscal report and policy statement to the parliament and the nation.
The Australian government cannot spend the money regardless of whether it raised by taxation, loan or by sale of government assets, unless the parliament has authorized the expenditure by an appropriation Act of Parliament. Because Australia’s constitution states that "no money shall be drawn from the treasury of the commonwealth except under appropriation made by law". Furthermore, the Consolidated Revenue Fund (CRF) is provided through section 81 of the Australian constitution and formed from all revenues or moneys raised or received by the Executive …show more content…
However, the constitution's section 81 neither deal with the manner in which money that forms the CRF shall be kept, nor deal with the keeping and auditing of accounts holding public money. Besides, section 53 of the Constitution makes provision for the Senate may not amend proposed laws appropriating money for the ordinary annual services of the government. Under section 54 of the Constitution, a proposed law appropriating money for the ordinary annual services of the government can only cope with such appropriations. Accordingly, the annual appropriations are split into Bills that provide for the ordinary annual services of the government (e.g. Appropriation Bill (No. 1) and those that does not (e.g. Appropriation Bill (No. 2). In addition, section 83 of the Constitution provides that no money shall be taken from the Treasury of the Commonwealth except under an appropriation made by law. Section 81 provides that all appropriations from the CRF must be for the purposes of the Commonwealth. The ‘Treasury’ of the Commonwealth, mentioned in section 83, equates to the CRF referred to in section 81. Together, sections 81 and 83
The Australian government cannot spend the money regardless of whether it raised by taxation, loan or by sale of government assets, unless the parliament has authorized the expenditure by an appropriation Act of Parliament. Because Australia’s constitution states that "no money shall be drawn from the treasury of the commonwealth except under appropriation made by law". Furthermore, the Consolidated Revenue Fund (CRF) is provided through section 81 of the Australian constitution and formed from all revenues or moneys raised or received by the Executive …show more content…
However, the constitution's section 81 neither deal with the manner in which money that forms the CRF shall be kept, nor deal with the keeping and auditing of accounts holding public money. Besides, section 53 of the Constitution makes provision for the Senate may not amend proposed laws appropriating money for the ordinary annual services of the government. Under section 54 of the Constitution, a proposed law appropriating money for the ordinary annual services of the government can only cope with such appropriations. Accordingly, the annual appropriations are split into Bills that provide for the ordinary annual services of the government (e.g. Appropriation Bill (No. 1) and those that does not (e.g. Appropriation Bill (No. 2). In addition, section 83 of the Constitution provides that no money shall be taken from the Treasury of the Commonwealth except under an appropriation made by law. Section 81 provides that all appropriations from the CRF must be for the purposes of the Commonwealth. The ‘Treasury’ of the Commonwealth, mentioned in section 83, equates to the CRF referred to in section 81. Together, sections 81 and 83