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4.5.3 Public sector finances

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Question 1

With reference to Figure 1, explain the term 'balanced government budget'.

Figure 1: Australian Government Spending and Revenue (% of GDP), 1995–2022

Line graph showing Australian government spending and tax revenue as a percentage of GDP from 1995 to 2022. The x-axis represents years from 1995 to 2022 in three-year intervals. The y-axis shows % of GDP ranging from 20% to 30%. A solid line representing government spending and a dashed line representing government revenue intersect at several points, notably in 1998 at 25.0% and in 2019 at 24.5%.

YearGovernment spending (% of GDP)Government revenue (% of GDP)
199528.026.0
199825.025.0
200124.525.5
200424.025.0
200723.524.5
201026.023.0
201325.523.5
201626.024.0
201924.524.5
202228.025.0
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4.5.3 Public sector finances Questions

  1. A Level
  2. /Economics
  3. /4.5.3 Public sector finances