The State budget is the means by which the Victorian Government details how it plans to collect and spend public monies for the upcoming year. The budget has two components, the budget papers and the Appropriation Bills.
The budget papers detail the Government’s economic and fiscal strategy, the overall budget position of the State, the State’s capital program and the goods and services that are to be delivered by each department in order to achieve the Government’s strategic priorities and objectives.
To use public monies the government of the day must pass a Bill in Parliament to appropriate those monies. Government appropriates funding annually on behalf of departments for the business of government.
The budget processOn the first Tuesday in May of each year, the Treasurer tables a Bill to Parliament to appropriate public monies, as well as tabling the annual State budget papers.
These documents provide a statement on the budget position of Victoria, detailing how Government will spend the public money that it expects to collect over the next year, and requests permission from Parliament to use public monies for that year.
The tabling of the Appropriation Bills and budget papers is the culmination of a six month process in which Government, through its Cabinet and other processes, decides how best to allocate resources.
What makes up the budget papers?The budget is comprised of the following suite of papers: