Public finance of Australia

13 February, 2010

  

  

In Australia 1966 adopted a decimal monetary system. Australian dollar issued by the Reserve Bank of Australia, which regulates the rates, oversees the financial system.

In recent years, regulation of the banking sector is gradually weakened. For example, with 1983 foreign banks were allowed to conduct operations in Australia, and gradually reduced or erased the fundamental differences between different types of banks and between banks and other financial institutions, such as life insurance companies, construction companies and pension funds.

As of June 1996, operating in the country 50 Australian and foreign banks, has more than 6,5 thousand. offices. The four major Australian banks - National Australia Bank, Union Bank of Australia, Westpac Banking Corporation and the Australian and New Zealand Banking Group - control more than half of all bank assets. The merger of the four major banks is prohibited by the state, which seeks to ensure the competitiveness of the banking sector.

Despite the federal principle of government, by which the states initially received substantial financial independence, the dominant factor in the public finances of Australia is the federal government.

In the 1995-1996 fiscal year, , the national government increased by 73% share of income in the public sector, and its own costs (eliminating subsidies to other government agencies) amounted to approximately. 55% of the total public sector spending. The draft federal budget for the 1998-1999 fiscal year includes income in the amount of 144,3 млрд. австрал. долл., of which 2,5% prihodbillion AUSovye revenue, and expenses in the amount of 141,6 млрд. австрал. долл., that will make a budget surplus of 2,7 млрд. австрал. долл. USDAUSbillion

The basic directions of budgetary expenditures - a social insurance and social assistance (38% of the total cost), health (16%), defense (7%) and education (4%). Provided by the project budget surplus to complete the seven-year budget deficit, which occurred after, as during 4 years (from 1987-1988 to 1990-1991) Labour government managed to achieve a surplus budget.

It is assumed, in the foreseeable future the country will have a deficit budget. As a result, during the four years the size of the domestic public debt (in the statistics which do not include indicators of state enterprises business) should be reduced to zero.

 

 

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