Process
The process of putting together the budget begins in November when the accrual information management system (AIMS) is updated with the latest estimates, and the senior ministers' review, where the prime minister, treasurer, and minister for finance and deregulation meet to establish the policy priorities and strategy for the coming financial year.
The outcome of the senior ministers' review determines how the different portfolios will prepare their budget submissions for cabinet. Agencies within each portfolio do not submit a request for new funding, because their potential savings within the agency are unfounded. After Finance has agreed to the costings, the submissions are circulated for coordination comments and lodged with the cabinet office by late February.
The Expenditure Review Committee (ERC), a committee of cabinet, meets in March to consider all submissions. They decide which proposals will be funded and the level of funding each will receive. At the end of the ERC, the ad hoc revenue committee meets to make decisions on the revenue streams of the budget. A pre-budget review of the estimates is conducted after all decisions have been finalised to ensure that they are reflected in AIMS.
Budget documentation commences at the end of the ERC process. Agencies prepare two components: the portfolio budget statements and the mid-year economic and fiscal outlook.
The portfolio budget statements provide additional details and explanations of the budget and the statement of risks, which is included in budget paper no. 1.
The final budget is presented and tabled in Parliament by the treasurer on budget night.
Read more about this topic: Australian Federal Budget
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