The Budget expenditure in Australia attained a value of USD 418,714.50 million in 2023
The indicator recorded a historical growth (CAGR) of 3.14% between 2020 to 2023, and is expected to grow by...
GlobalData projects the figure to grow at a CAGR of ...
Budget Expenditure:
The budget is the most effective tool available to the government for implementing its policies. In societies with representative governance systems, the budget is a financial representation of the decisions made by society. Public funds should only be used for legal expenses.
The allocation of funds for disbursement to various ministries, sectors, and departments over the course of a fiscal year is referred to as the budget expenditure by the government. For the relevant departments and ministries, budget allocations are made based on planned and unforeseen expenses.
It offers a thorough analysis of different overall spending types as well as a summary of the reasons why projections fluctuate. Additionally, requests for federal grants make up a portion of the expenditure budget.
Budget Expenditure: Global Scenario
In 2021, the United States spent $5.8 trillion on its budget, followed by China ($4.5 trillion), Japan ($2.2 trillion), Germany ($2.1 trillion), France ($1.6 trillion), the United Kingdom ($1.4 trillion), Italy ($1.1 trillion), and Brazil ($1 trillion), according to GlobalData.
Malta ($7 billion), Cyprus ($11 billion), Iceland ($12 billion), Macau (SAR) ($13 billion), Latvia ($17 billion), Estonia ($15 billion), Uruguay ($20 billion), and Lithuania ($24 billion) are the nations with the lowest budget expenditures.
According to GlobalData, the average global budget expenditure in 2021 was $434 billion, a 0.3% increase from the previous year.
Budget Expenditure in Australia
Budget Expenditure in Australia attained a value of $396 billion in 2021. It recorded a growth of 3.3% in 2021 compared to the previous year. Between 2018-2021, the budget expenditure in Australia increased by 17.3%. The budget expenditure in Australia was highest in 2021 with a value of $396 billion and lowest in 2019 with a value of $332 billion between 2018 and 2021.
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