The National Commission of Audit was announced by the Treasurer, the Hon Joe Hockey MP, and the Minister for Finance, Senator the Hon Mathias Cormann, on 22 October 2013. The Commission was established by the Australian Government as an independent body to review and report on the performance, functions and roles of the Commonwealth government.

This has been done in the lead up to the announcement of the Budget on Tuesday 13th May.

The budget comes under Fiscal Policy as one of the tools that can be used by the government to manage the economy.

Fiscal policy refers to the federal government’s use of its annual budget to affect the level of economic level of activity, resource allocation and income distribution. It an also influence the achievement of the government’s objective of eocnomic growth, internal and internal balance.

Having real life examples of fiscal policy will help boost your responses. Below find some articles written about the release of the budget and what we can expect.

1. The Commission of Audit – http://www.ncoa.gov.au/report/phase-one/index.html

2.Comments from former Treasurer Peter Costello on the 2014/15 budget – http://www.theaustralian.com.au/national-affairs/policy/former-coalition-treasurer-peter-costello-joins-attack-on-deficit-levy/story-fn59nsif-1226906962772

3.A response from the Opposition to the forecasts of the national budget – http://www.abc.net.au/news/2014-05-04/opposition-calls-for-government-to-proposed-drop-tax-hike/5429046