On Wednesday 2 May the House will debate the 2012 Budget policy statement.
The Budget policy statement is a paper presented to the House of Representatives by the Minister of Finance in the months before the Budget, setting out the Government’s strategy and policy goals for the Budget. The Minister of Finance must issue the Budget policy statement by 31 March each financial year if Parliament is in session. The objective of issuing a Budget policy statement (which has been a statutory obligation since 1994) is to make the bases on which the Government’s Budget decisions have been made more transparent.
The Cabinet decides the relative importance of the overarching policy goals and which policy areas the Government will focus on in the next Budget.
Once presented to the House, the Budget policy statement is referred to the Finance and Expenditure Committee. The Minister of Finance may be invited to attend the committee to answer questions about the statement. The committee must report to the House on it within 40 working days. The committee’s report on the Budget policy statement 2012 was presented on 11 April 2012.
The debate on the Budget policy statement occurs on the first Wednesday that the House sits after the committee’s report is presented. The chairperson of the Finance and Expenditure Committee usually begins the debate. The debate on the Budget policy statement 2012 will occur after question time on 2 May. See the Downloads panel on this page for links to the relevant documents.
The Budget itself will be delivered to the House of Representatives on Thursday 24 May 2012. This will provide details of the Government’s policies and plans for spending public money in the coming year.