How much money did the federal government spend in 2012?

How much money did the federal government spend in 2012?

2012 United States federal budget

Submitted February 14, 2011
Total revenue $2.627 trillion (requested) $2.45 trillion (actual) 15.3% of GDP (actual)
Total expenditures $3.729 trillion (requested) $3.537 trillion (actual) 22.1% of GDP (actual)

When was the last budget surplus in Australia?

A budget surplus occurs when the Government receives more money in tax revenue than it spends. According to data from the Financial Review, the Federal Budget released in 1999/2000 by Treasurer Peter Costello under the Howard administration had the highest budget surplus in Australian history.

How much did the government spend on JobKeeper?

Treasury officials revealed that approximately $10 billion in JobKeeper (11 per cent of the program) was paid to not-for-profits, which were excluded from the analysis. During the first six months of JobKeeper, in which $70.9 billion was spent, PBO data revealed that 18 per cent went to firms with rising sales.

What is the biggest area of spending for the Australian government?

Social security and welfare
6-49 and Australian Government, Final Budget Outcome 2019-20, p. 12. Social security and welfare is the largest functional expenditure of the Australian Government accounting for just over a third of all Government expenditure.

What were the three largest expenditures in the federal budget in 2012 together about how much of the budget did they make up?

Together, about how much of the budget did they make up? How much money was that? Medicare and Medicaid, Social Security, and Defense. They make up just a little more than 60% of the budget.

Is Australia in a deficit or surplus?

Australia’s current account surplus in seasonally adjusted terms increased $1.5 billion to a record $20.5 billion in the June quarter 2021, according to latest figures from the Australian Bureau of Statistics (ABS).

How long has Australia been in a deficit?

In trade terms, the Australian economy has had persistently large current account deficits for more than 50 years.

How much did the Government borrow for Covid?

Overview. The Government has signalled $62.1 billion of funding to support the COVID-19 response and recovery: The Government announced an initial support package on 17 March 2020 totalling $12.1 billion. In Budget 2020, the Government established the $50 billion COVID-19 Response and Recovery Fund (CRRF).

Has the federal budget been passed for 2021?

The final funding package was passed as a consolidated spending bill on December 27, 2020, the Consolidated Appropriations Act, 2021. A budget resolution for the 2021 fiscal year began to be considered in February 2021 for the purpose of passing a COVID-19 pandemic relief bill through the budget reconciliation process.

How much did Australia spend on Covid vaccine?

The Australian Government has invested over $8 billion in the national COVID-19 vaccine rollout. We have also invested over $350 million in vaccine research and development.

How much is Australia in debt?

Net debt is expected to be $729 billion—or 34.2% of GDP—at 30 June 2022 and peak at $981 billion or 40.9% of GDP in 2024–25 (Table 11.4, p. 364–5). Net debt is then projected to fall over the medium term to 37% of GDP at 30 June 2032 (p. 203).

What was the 2012 United States federal budget?

The 2012 United States federal budget was the budget to fund government operations for the fiscal year 2012, which lasted from October 1, 2011 through September 30, 2012. The original spending request was issued by President Barack Obama in February 2011. That April, the Republican-held House of Representatives announced…

What is the Australian government’s budget strategy and outlook for 2020-21?

Australian Government, Budget strategy and outlook: budget paper no. 1: 2020–21, Statement 11: Historical Australian Government data , p. 11-6. The economic response to COVID-19 is a significant component of the additional expenditure expected in 2020–21, accounting for an estimated 4.1 per cent of GDP in that year.

How much has government spending increased in Australia since 1998?

While total government spending has increased from around A$240 billion in 1998-99 to a predicted A$451 billion in the 2016-17 financial year, it’s also accompanied by an increase in revenue from around A$250 billion to A$417 billion over the same period.

What was the budget deficit for 2012?

The Obama administration’s budget request contained $2.627 trillion in revenues and $3.729 trillion in outlays (expenditures) for 2012, for a deficit of $1.101 trillion. The April 2011 Republican plan contained $2.533 trillion in revenues and $3.529 trillion in outlays, for a deficit of $0.996 trillion.