Budget review 2014–15

This series of papers summarises key features of the new Federal Budget. Overview The 2014–15 Budget was introduced into Parliament on 13 May 2014. It is the first Budget of the Coalition Government. This overview provides a summary of the headline numbers, the economic context, the government’s fiscal strategy and broader policy agenda, and how the fiscal outlook has changed since the Mid–Year Economic and Fiscal Outlook (MYEFO). The Budget is the government’s key economic and fiscal statement each year. The major influences on the content of the Budget include past revenue and expenditure decisions, the economic outlook, and the government’s fiscal strategy and broader policy agenda. The Parliament plays a critical role in scrutinising and debating the content of the Budget. It has to consider questions such as: Will the decisions in the Budget improve the wellbeing of current and future generations? How well does the Budget manage the risks and opportunities Australia faces? What are the implications for economic growth and living standards? What are the distributional effects of the Budget? What is the quality of individual spending and revenue decisions? What trade–offs have been made? What has been left for another day