Federal Treasury has released the 2010-11 Final Budget Outcome, finding that the global financial downturn had wiped $40 billion off  forecasted growth rates.

“While Australia avoided recession, the global financial crisis still cut around $130 billion from government revenues as the economy slowed markedly and businesses accumulated substantial income and capital losses that continue to be offset against tax liabilities,” Treasurer Wayne Swan said.

The Australian Government general government sector recorded an underlying cash deficit of 3.4 per cent of GDP ($47.7 billion) for 2010-11. 

Governments need a range of mechanisms to ensure that regulations remain 'fit for purpose' and to identify priority reforms, according to a discussion draft released by the Productivity Commission.

The Federal Government has released two discussion papers in the lead up to the October Tax Forum.

A liquefied natural gas project proposed by Chevron in Western Australia’s Pilbara region will go ahead after the Federal Government approved the project under national environmental law.

The Federal Government has released a public discussion paper to seek community views on the recent consolidation of Federal anti-discriminatory laws.

The September quarter 2011 issue of the Australian Consumer Price Index to be released 26 October 2011, will incorporate several key recommendations from the Outcome of the 16th Series Australian Consumer Price Index Review by the Australian Bureau of Statistics (ABS).

The Federal Government has announced its response to the Knight Review, confirming a suite of measures designed to streamline student visa applications and increase international competitiveness for the lucrative international student market.

Federal Treasuer Wayne Swan has met with G20 Finance Ministers in Washington DC before attending annual IMF and World Bank meetings.

The Federal Government has released an updated model of the impact of the carbon price which states the Australian economy will continue to grow strongly at the same time making reductions in carbon emissions.

The Federal Government has announced three new water purchasing tenders in the northern Murray Darling Basin.

The Federal Government has opened an exposure draft of the Clean Energy Regulations 2011 for public consultation.

The Royal Australian Navy (RAN) has moved to offer $80,000 bonuses for ship’s engineers on its submarines and Anzac-class frigates in an attempt to stop them from moving to the mining industry.

The Federal Government has announced the formation of a new workforce agency that will target “pressure points” in Australia’s emerging patchwork economy by focussing on training and retraining workers for new jobs in specific industries currently experiencing skills shortages.

The Federal Government has announced an inquiry by the Productivity Commission into the regulation and policy framework that would best enable effective climate change adaptation.

Australia’s agricultural export earnings are forecast to continue to rise in the 2011-12 according to the Australian Bureau of Agricultural and Resource Economics ad Sciences (ABARES).

The Federal Government has released the second exposure draft legislation for the Minerals Resources Rent Tax (MRRT).

The National Transport Commission has published a report that has found that while Australians generally want a better transport system, they are likely to reject policies that would help pay for it.

The Federal Government has released two reports into the future of biomass in the Australian economy.

The Federal Government has announced the establishment of an independent inquiry that will conduct an ongoing investigation into the Australia media.

The Federal Government has invited members of the public and businesses to contribute to the development of the country’s first Cyber White Paper after the release of a discussion paper.

The Federal Government has announced the formation the Resources Advisory Council, comprised of business and union leaders from the resources sector and senior government officials. The council will be tasked with increasing productivity and competitiveness, creating jobs and improving skills of workers in the sector.

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