Budgeting as practice and knowing in action: experimenting with Bourdieu's theory of practice: an empirical evidence from a public university

Asian Journal of Accounting Research

ISSN : 2459-9700

Article publication date: 11 February 2021

Issue publication date: 7 September 2021

The present study aims to explore how various doings, strategic actions and power relations stemming from internal agents are instrumental in (re)constituting the different forms and meanings of budgeting in a specific field.

Design/methodology/approach

The paper uses a single-case study method based on a Sri Lankan public university. Data are collected using interviews, documentary evidence and observations.

The empirical evidence suggested that internal agents are crucial, and they are the producers of budgetary practice as they possess practical knowledge and power relations in the field where they operate. The case data demonstrate that organisational agents do have real essence as active and acting to produce effects in budgeting practices, and the significance of exploring the singularity of multiple agents in terms of their viewpoints, trajectories, dispositions and power relations, who may form, sustain or interrupt budgetary practices in a given setting.

Research limitations/implications

As the research is directed towards the selection of in-depth enquiry of specific setting infused with culture, values, perception and ideology, it might cause to diminish the researcher's analytical objectivity and independence of the research.

Practical implications

As budgetary practices are product of human interaction, it is important to note that practitioners should be concerned with what agents do in actual practice and their inactions, influences and power relations in budgeting practices, which might not align with the structural forces enlisted in the budgeting. It would be of interest for future empirical research to explore the interplay between the diverse interests of organisational agents and agents beyond the individual organisations.

Originality/value

This study contributes to the literature on management control practices by documenting the importance of understanding the “practice” through relational thinking of all three concepts is emphasised, such interrelated theoretical insights are seldom used to understand accounting practices. This research emphasises the importance of bringing out the microprocessual facets of management control to open up its non-conscious, non-strategic and non-rationalist forms.

  • Budgeting practice
  • Practical knowledge
  • Power relations

Seneviratne, C.P. and Martino, A.L. (2021), "Budgeting as practice and knowing in action: experimenting with Bourdieu's theory of practice: an empirical evidence from a public university", Asian Journal of Accounting Research , Vol. 6 No. 3, pp. 309-323. https://doi.org/10.1108/AJAR-08-2020-0075

Emerald Publishing Limited

Copyright © 2021, Chaturika Priyadarshani Seneviratne and Ashan Lester Martino

Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode

Background of the study

Budgets are vital in management control processes and generally considered as formal, structural controlling mechanisms enlisted to support the controlling use. Thus, the budget is primarily considered as a coercive tool to assist management to coerce employees' compliance and effort ( Aleksandrov et al. , 2018 ; Horngren et al. , 2014 ; Lambovska et al. , 2019 ; Simons, 1994 ; Sponem and Lambert, 2016 ). However, budgets are not only a diagnostic tool to serve a routine controlling use with a coercive orientation but a mode of coordinating and communicating the strategic priorities of the organisation ( Abernethy and Brownell, 1999 ; O'grady, 2019 ). In the study of a rolling budget, viewing the process from enabling perspective, Henttu-Aho (2016) emphasises that new budgetary practice enables to build a holistic view of the totality of control and supply more relevant information about organisation in a more realistic manner while improving the flexibility and effectiveness of the budgetary work. In public sector organisations, diverse aspect of budgeting including diagnostic and enabling uses are investigated within the effort of complying with statutorily obligations to improve the efficiency ( Jakobsen and Pallesen, 2017 ; Mkasiwa, 2019 ).

By moving beyond the technical–rational function of budgeting as a means of affecting control, the budget is considered as a “multi-faceted phenomenon” in public sector organisations ( Covaleski et al. , 2013 ). Within the wider depiction of budgetary control as a socially constructed phenomenon, an array of research focusses on how budgets are instrumental in shaping behaviour and how budgets emerge as a response to governmental reforms, multiple logics and strategic behaviour in public organisational settings ( Aleksandrov et al. , 2018 ; Célérier and Botey, 2015 ; Covaleski and Dirsmith, 1983 , 1986 ; Covaleski et al. , 2013 ; Ezzamel et al. , 2012 ; Harun et al. , 2020 ; Moll and Hoque, 2011 ).

In what ways are specific patterns of dispositions and power relations attuned with the taken-for-granted (doxical) elements in constituting/reconstituting budgetary control practices?

What are the strategies of action [1] of internal agents, how do strategies of action or series of moves emanate from the “practical sense” of budgeting and are deployed in constituting/reconstituting budgetary control practices in a specific field?

This article results from a study of budgetary practice by deploying a qualitative in-depth case study approach in a one large Sri Lankan public university, and the paper differs from prior research in two aspects. First, this study contributes to the management accounting literature by investigating how the impacts stemming from the micro level, including specific practices, competing interests and diverse power relations of internal agents, can shape budgetary control practices of a specific setting. Second, the current study emphasises the significance of understanding the budgetary practice and its practical logic, as opposed to formal, conscious and strategic forms of a public university.

Theoretical framework

The notion of “practice” shares a common theme as the “understanding of how people act in organizational context and relations between the actions people take and the structures of organizational life” ( Feldman and Orlikowski, 2011 , p. 1240). Based on sociological perspectives, Bourdieu formulated a practice theory based on relational thinking to understand the social world in an alternative way ( Bourdieu and Wacquant, 1992 ). According to Bourdieu, habitus, capital and field are necessarily interconnected, interdependent and co-constructed, conceptually and empirically ( Grenfell, 2008 ). Bourdieu presented an equation to summarise the practice as a result of relations between one's disposition (habitus) and position in the field, which is primarily determined by endowed capital within the contemporary state of play in a particular social domain in its pragmatic sense ( Bourdieu, 2013 , p. 95): ( Habitus × Capital ) + Field = Practice .

In any field, people's behaviour/activities (what people do) are governed by an array of dispositions (practical senses), dubbed as “habitus” ( Bourdieu, 1990 ). Habitus is considered as a practical feel or practical mastery for the game agents' strategic actions are informed by habitus in a given field are not imputed by rational or conscious choice ( Bourdieu, 1990 ; Hurtado, 2010 ) but beyond the deliberate control ( Bourdieu and Wacquant, 1992 ; Lamaison and Bourdieu, 1986 ; Wacquant, 1998 ). Generally, social practices are denoted as strategies, and particular types of social actions or strategies of different groups are generated by that particular group's habitus ( Hurtado, 2010 ).

Central to assertions put forth by Bourdieu (1990) , social space is dubbed as the “field” in which people undertake diverse activities, ruled according to specific interests and its own stakes. The notion of field is created as an attempt to conceptualise a configuration of a network, of objective relations between positions ( Bourdieu and Wacquant, 1992 ), hierarchically endowed with diverse types of capital. “Doxa” is defined as a set of pre-reflexive, commonly shared, unquestioned, taken-for-granted understandings, spontaneous perceptions and opinions prevailing across the social space determining the natural practice and sense of limits of habitus of the agents in a particular field ( Emirbayer and Williams, 2005 ; Grenfell, 2008 ). Agents in dominant positions in the field are granted the power to mould or shape the doxic elements prevailing in the field ( Bourdieu, 1977 ; Bourdieu and Wacquant, 1992 ).

As “capital does not exist and function except in relation to a field” ( Bourdieu and Wacquant, 1992 , p. 101), field situates agents in the field of forces, power relations and desires towards practices. Capital is the stake or weapon mobilised in ongoing power balancing between actors and considered as an outcome of the ongoing position-takings in everyday work ( Bjerregaard and Klitmøller, 2016 ; Chudzikowski and Mayrhofer, 2011 ; Emirbayer and Johnson, 2008 ; Maclean et al. , 2012 ; Schneidhofer et al. , 2015 ). In the theory of power relations, Bourdieu terms “species of capital” as a diverse range of materials and other types of resources accrued by agents in achieving a privileged position in a particular social space ( Emirbayer and Williams, 2005 ). Cultural capital, economic capital and social capital are recognised as different forms of capital or resources.

Baxter and Chua (2008) empirically narrated the chief financial officer’s (CFO) practical involvement in terms of habitus in organisational projects and the unorthodox management accounting practices implemented in the organisational setting. In a different context, Lodhia and Jacobs (2013) used Bourdieu's triad concepts of field, habitus and capital in a public sector department in Australia to examine the practical logics of internal practices produced at an individual level in environmental reporting. Goddard (2004) investigated the association between accounting, governance and accountability in local government in the UK, emphasising Bourdieu's notion of habitus. Célérier and Botey (2015) reported a socio-ethnographic study on how participatory budgeting was characterised by accountability practices favouring the election of councillors with distinctive capitals, who were “dominated-dominants dominating the dominated” amongst the budgeting participants. By taking an ethnographic approach, Bourdieu's interdependent relation between habitus, capital and field was used by Jayasinghe and Wickramasinghe (2011) to capture how a particular structural logic governed the resource allocation mechanism of the village. The study by Xu and Xu (2008) investigated interactions and relations between social actors in the field of Chinese banking to demonstrate how actors in social positions possess diverse resources, power and capital, leading some to dominate others.

Strategy as a practice has been merged in a distinctive approach to study organisational strategy and strategising, inclusive of strategic management, decision-making and managerial work ( Gomez, 2010 ; Hurtado, 2010 ; Jarzabkowski et al. , 2007 ; Whittington, 1996 , 2006 ). Hutaibat (2019) used Bourdieu's theory of practice in a Jordanian higher education sector to examine the perceptions of actors in the field, regarding strategising, accounting for strategic management and power structures. Drawing insights from Bourdieusian perspective, Bjerregaard and Klitmøller (2016) examined how subsidiary actors accommodate, actively support and resist various parts of an HQ-mandated management control system in a multinational corporation in a Mexican special economic zone.

Overall, while the above research has been influential in informing the application of the Bourdieusian threefolded concepts to explore the dynamics of individuals, our study aims to explore the internal agents' practical actions, providing a sense of the practices in budgetary controls which were being enacted through the agents who are situated in diverse positions in a field study of a public university.

Research setting, method and design

Based on the research questions and theoretical considerations, this study is founded on qualitative data, applying a single-case study strategy. According to Bourdieu's methodological principles, a one large Sri Lankan public university, i.e. University Sigma is selected as “determinate place in social space”, ( Bourdieu and Wacquant, 1992 , p. 214) and data are collected over a period of six months during 2014/2015. It is a period in which University Sigma is receptive as it is moving towards an outcome-oriented culture and striving to achieve the standards of a world-class university, under the strategic plan of the Ministry of Higher Education (MHE) of Sri Lanka in 2010. As the performance-based initiatives have been reinforced through the circulation of finance circulars informing all universities that additional funds will be released based on the performance, initial steps have been taken to change the strategic performance management system, along with university budgeting to create high-performing state-owned universities.

Currently, University Sigma operates under the Universities Act No. 16 of 1978, which provides powers to the University Grants Commission (UGC) to intervene directly in university's routine and non-routine operations. University Sigma must comply with the rules and regulations enforced by the UGC and MHE and is subject to the usual public sector financial regulations of the Treasury and Ministry of Finance and Planning. This affects the university's ability to set salaries, retain income generated, sell assets and reinvest the proceeds and raise capital through loans from banks. The governance structure of University Sigma consists of four official boards: the administrative council, the senate (academic board), faculty boards and postgraduate academic boards. Amongst these, the university council is the primary governing body. Other than the chancellor, the main officers of the university are recognised in the University Act as the vice chancellor, registrar, librarian, bursar (treasurer) and the deans of faculties. The vice chancellor is the chief executive officer and principal academic officer who entitled to convene, be present and speak at any meeting of University Sigma.

A total of 35 in-depth interviews were conducted with diverse agents at various hierarchical levels within the research organisation, and interviewees were selected based on the importance of their role with respect to budgetary control. To complete the interview, time varies from 40 min to 120 min. Leaning on the theoretical lens of Bourdieu's practice theory, broad questions were formulated to guide the pilot interviews. Being capitalised on the insights made initially, questions for the subsequent interview questions were refined, capturing the richness of the field. Interview and non-participant observational data were supplemented by different archival records to reinforce the interviewee findings. Moreover, complementing the interviews, direct observations were carried out and field notes were compared to reconfirm and add more insights into interviewee comments.

Thematic analysis is commenced as a prerequisite to making sense, verifications and drawing conclusions from the empirical findings. The interviews were transcribed and then the transcripts were closely examined, key themes highlighted and coding carried out. Once themes have been finalised, templates were prepared for each and every theme to tag and place the information from interview transcripts, observational notes, field notes and archival documents into the identified categories. Thus, to bring the richness of the phenomena under study, the theoretical framework also becomes an important guide in searching for the patterns amongst the coded field evidence and thereby the sense-making process and drawing conclusions were essentially integrated with the theoretical underpinnings of Bourdieu's theory of social actions.

Budgeting control: knowing in practice

The next section discusses how budget as a means of affecting control and also to facilitate the attainment of imposed strategic priorities take place confronting complexities, concerns and conflicting goals amongst the multiple agents within a public university setting.

Individual/group power on the university budget preparation

The budgeting process is officially initiated in the month of August, with the acceptance of the finance circular of the budget call from the UGC. After this, the university bursar communicates the budgetary guidelines to faculty deans, faculty bursars, the registrar and all heads of the service units as a prerequisite to embark on the journey of the budget preparation. The budget committee consists of the deans of the faculties, senior financial and administrative officers (bursars and registrars), the librarian and all other heads of service units of University Sigma and it coordinates the planning phase. The budget committee is chaired by the vice chancellor, who is supposed to act as chair; however, a university bursar is accountable for all deliberations, ranging from the planning to controlling facets in the budgeting process.

We don't have any guarantee whether we'll be given the necessary funds that we requested through the budgetary allocations. So, our staff may not be motivated to participate actively in the planning processes. So why should we prepare our plans if there is no assurance of getting the requested funds?

Consistent with Bourdieu, acknowledging the fact that habitus could be reflected in all practices, the particular action patterns of academic members in budget planning is understood by referring to the deeply embedded doxic experiences that are self-evident within the existing relations of a specific setting ( Lau, 2004 ). According to Hutaibat (2019) , academics tend towards the passively supporting for a proposal collection phase depending upon their doxa and their relation to the more power structure which is embedded in a specific setting. As departmental agents believe that the submission of their proposals will not be fruitful due to possible funding constraints, such regularities potentially impact on making sense of particular action patterns of agents [1] in a specific context ( Grenfell, 2008 ). In a similar vein, another member of an academic department spelled out the underlying reason for their passive participation in the budgetary planning process, “What is the point of spending quite a lot of time in preparing the budget proposals if we can get small amount comparative to what we request?” As above, words provide evidence that actions and perceptions of general academics are habituated by the realities perceived and regularities pursued in relation to the difficulty of getting intended monetary allocations in the particular social space ( Bourdieu and Wacquant, 1992 ). According to Vaughan (2002), when understanding practical actions, people's habitus is not merely informed by surroundings of their early lives but also by the doxa that remains as unquestioned opinions and perceptions to determine the “sense of limits” of agents participating in the budgeting practice ( Grenfell, 2008 , p. 120).

Persuaded by the importance of capturing the profound aspect of overall habitus of general academics (doxa), the interviews conducted with administration/financial officers of University Sigma highlighted the implicit power that academics possessed based on the doxic understanding that persists in the specific social setting. Hence, from the theoretical point of view, as “doxa” in the organisational setting is necessary for symbolic power ( Hurtado, 2010 ), it causes to attune the habitus of the agents in the research setting under study. A senior project officer reiterated a sense of disappointment, reflecting that doxa refers to capital concerning the symbolic power of academic agents ( Kloot, 2009 , p. 472) and how possession of symbolic power tends to influence the initial planning stage. Alongside symbolic capital informed by doxa, departmental academics are endowed with not only an institutionalised form of cultural capital, in terms of certificates, skills and knowledge, but also intellectual capital, termed “scientific renown” [2] , associated with scholarly reputation on research ( Bourdieu and Wacquant, 1992 , p. 76). In the public higher education field, those with the institutionalised form of cultural capital, together with intellectual capital, are considered to be “advantaged at the outset as the field depends mainly on such forms of capitals” ( Grenfell, 2008 , p. 69). Since such forms of capitals are valued by the social agents who operate in that social space, they become symbolic capital in the specific field.

Hence, as confessed by several interviewees, general academics are assigned with symbolic authority that situates them in a privileged position of power at Sigma, enabling them to secure benefits and enhance their stake in the social area ( Bjerregaard and Klitmøller, 2016 ; Célérier and Botey, 2015 ; Hurtado, 2010 ). Given that general academics are granted the power to shape understanding in relation to budgetary practice, in applying the rules and procedures of the practice in the university setting ( Bourdieu, 1977 ; Bourdieu and Wacquant, 1992 ), they tend to impose their doxical understanding on the control practice, even while overlooking the accepted procedures to be accomplished in budgetary planning ( Kloot, 2009 ).

Therefore, corresponding with Bourdieu's assertions, it could be argued that general academics are not mere preprogrammed automatons governed by immutable and unchanging laws as their practices are minimally determined by the specific rules and requirements of budgetary practice. As Bourdieu and Wacquant (1992) asserted, based on the distinct profiles of capital (power resources) associated with agents in the research organisation, a distinction is drawn between dominant and dominated positions ( Célérier and Botey, 2015 ; Emirbayer and Williams, 2005 ). Within the field, winners/losers and dominancy of the field are determined by the volume and structure of resources associated with different agents; agents possessing more capital relevant to a particular field are considered dominant, with greater possibility in actions to be executed. Dominant agents pursue conservation strategies to preserve the hierarchical principles and safeguard their positions in the hierarchy; in contrast, subversion strategies are pursued by dominated agents to transform the existing system of authority for their benefit ( Wacquant, 1998 ). Thus, as the general academics are situated in the dominant positions, holding symbolic power to secure their stake within the power configuration of University Sigma ( Célérier and Botey, 2015 ), their symbolic power exacerbates goal conflicts amongst other agents being potentially problematic for effective planning of the university budget ( Bjerregaard and Klitmøller, 2016 ). At University Sigma, capacity over interpreting some budgeting procedures is transferred from agents of the university top management to general academics rather by losing the power to obtain the desired contribution from general academics in the planning phase ( Mutiganda et al. , 2013 ).

Against a backdrop where pervasive power relations operate at the bottom level of the social space, it was difficult to determine whether deans have the capacity to exercise power over agents at the departmental level in enforcing their participation in the planning phase. Top faculty agents hold significant academic capital [3] , which is acquired and maintained by taking a top position in the management hierarchy of the university and enables domination of other positions ( Kloot, 2009 ). Such academic capital mainly depends on the principle of legitimation, corresponding to the fact that the organisational hierarchy is well aligned with social power ( Kloot, 2009 ). Given that, faculty deans are identified as powerful or dominant agents, possessing broad power resources and organisational capital, providing the ability to act as “master” in terms of the rules and procedures of planning and other operational matters associated with the budgetary process ( Bourdieu, 2005 ).

In terms of capturing actual practices of key university agents in the planning phase, this revealed that the faculty dean's actions, interests and perceptions are derived as adherence to the sense of what is appropriate and proper in a given situation ( Lodhia and Jacobs, 2013 ). According to Célérier and Botey (2015) , being an influential agent in the faculty, the faculty dean has the liberty to decide and accommodate the activities in the faculty budget, without referring to subordinate agents' proposals (the heads of departments). Based on the endowed social networks, the faculty dean has the capacity to obtain necessary funds for the budget proposals that he included in faculty budgets according to his discretion, bypassing the granted budget allocations.

Substantiating the above insights, faculty dean 2 described how agents tend to act on the practical understanding of the logic of budgeting, which determines the “doable and thinkable” limits over the phase of budget planning ( Grenfell, 2008 , pp. 54–59; Lamaison and Bourdieu, 1986 ). As the top faculty officers possessing practical expertise in planning and operational issues pertinent to the faculty budgetary process, they tend to minimise lapses which arise due to insufficient participation from the academic departments. Irrespective of the formal budget procedures, they act with the tacit knowing of the way of things happen in the particular social space, to achieve the full potential of the faculty through budgetary planning ( Gomez, 2010 ). Thus, the field empirical evidence revealed that due to insufficient participation of departmental agents in gathering necessary input to prepare the budget, budget planning is centred in the hands of the bursar and dean of the faculty.

In the second phase, the programme budget [4] is prepared by considering budget proposals included in the budget call. As stipulated by the UGC in the budget specimen, the accounting rationale of linking performance indicators, action plans and monetary allocations is to intensify the controlling aspect of the university budget. Moreover, by reiterating the negative consequences of passive participation of academic departments in the initial budget planning, university bursar 1 highlighted the challenge of identifying key performance indicators and linking such measures accurately to ensure employees' behaviour aligned with targets stipulated in the university budget ( Widener, 2007 ).

From an accounting perspective, planning is considered as an important aspect of budgetary process because it is related to the subsequent control phase in the organisational control process. However, in the absence of realistic information from the bottom level as senior bursars at the university level tend to act without clear strategic intentions linking desired outcomes and budgetary allocations. They tend to preserve the existing order in preparing the budget in compliance with the UGC, in spite of the underlying accounting logic of prioritising and linking strategic aims with the estimated financial disbursements. Hence, the budget as a “control tool” is not effective in the planning process ( Covaleski et al. , 2013 , p. 338); rather, planning merely fulfils compliance controls, to avoid any explicit violation of budget guidelines imposed by higher education authorities ( Cunningham, 2004 ).

Practical logics of actions in managing the university budget

Examining human conduct around the programme budget reveals that it is a product of individual strategic choice in a university setting ( Lodhia and Jacobs, 2013 ). Speaking about the pervasive engagement undertaken in fulfilling the requests for financial disbursements made by diverse organisational agents, either within or beyond the given programme budget, university bursar 1 continued, “Budget is a guideline. But we can do more work even beyond the budget if we really want to work in improving the status of university”. Many interviews with bursars at different hierarchical and faculty levels reflected the need to take spontaneous actions without being merely confined to the programme budget ( Bourdieu, 1990 ; Lamaison and Bourdieu, 1986 ). Acknowledging this, a senior assistant bursar of the finance division noted, “Even though some of the activities are not in a budget plan, there are possibilities to meet those requests with the special approval”. According to Bourdieu's terminology, in fulfilling the diverse requests made by internal agents, bursars pursue “immanent necessity”, without being restricted to the preprogrammed disbursement levels ( Lamaison and Bourdieu, 1986 ).

Noting that budgetary requests are facilitated in a manner compatible with the budget guidelines, an assistant bursar said, “In many instances, we had to handle requests for financial disbursements on situational basis without violating the fundamental budget guidelines”. Thus, bursars have developed a strong practical mastery in the art of managing the university budgetary process, without explicitly violating the budgetary rules and guidelines on stipulated strategic objectives and budget limits in day-to-day operations ( Baxter and Chua, 2008 ). In accordance with these insights, university bursar 1 noted the significance of undertaking actions based on reasonableness and the effort she made in handling such requests from the departmental level.

In particular, a university bursar is endowed with “technically-based bureaucratic capital” and “bureaucratic capital of experience” through acquiring knowledge of regulations and more rationalised procedures and techniques pertinent to the budgetary practices over a longer period ( Bourdieu, 2005 , p. 117). Therefore, based on the wider positional capacities, the university bursar is capable of reconsidering whether to facilitate ad hoc financial disbursement requests made by the faculty bursar that are not appropriately tabled in the programme budget or for which allocated funds are not adequate. Thus, the dispositions of bursars are set up by unconscious learning and also incorporating embedded field values in the practice of university budgeting.

In compliance with the budgetary guidelines, the university bursar may strive to obtain special approval from the finance committee of University Sigma to fulfil requests of a recurrent nature beyond the programme budget. In another instance, a university bursar noted how she struggled to get approval for disbursements of a capital nature from the UGC, which was supposed to be approved by the finance committee and council of University Sigma. From a practice perspective, rules do not always bring an end to actions; rather, agents negotiate the rules with the necessary authorities in order to facilitate the accomplishment of certain actions, by overseeing budgetary limits strategically in the social space under study ( Swartz, 2002 ). Seen in this light, the university bursar is an individual who is capable of justifying certain actions or requests to the higher authorities of the university (i.e. the finance committee and council), which are not in fact explicitly specified in university budget but accepted by higher authorities of university as appropriate ( King, 2000 ).

Consistent with Inghilleri (2005) , it is evident that the strategic actions pursued by bursars depend on the knowledge gathered to “know” how budgetary controls operate, embodied in the negotiating the official budgetary rules to minimise adverse effects, for their own conservation in a university setting. However, field evidence vividly reflects how tension is triggered between the need to fulfil the ad hoc requests with necessary monetary disbursements outside to the budget and the necessity to comply with budgetary limits and procedures. As bursar 6 noted, “However by satisfying our staff's requests, we should be compliance with budgetary rules and guidelines. We have to manage both sides”. Further substantiating these views, bursar 4 voiced her grievances about how the symbolic power of departmental agents creates conflicting interests in managing the budget within the pre-planned budget limits ( Semeen et al. , 2016 ). According to Farjaudon and Morales (2013) , it is clear that the dominated, i.e. bursars may “participate in the pursuit of dominant interests, possibly unknowingly or in the belief that they are pursuing their own interests” (p. 155).

The given nature of bursars' practices could be understood as a practical logic of the way that things happen in the budgetary process in the specific research setting under study. Therefore, without strictly adhering to programme budgets, agents may pursue strategies premised on a practical sense of budgetary practice to produce certain actions in the social space under enquiry ( McDonough, 2006 ). Interviewees at the finance division revealed that, irrespective of the requests made beyond the budget, bursars tend to capitalise on their practical mastery of budgetary functions to fulfil requests not only to satisfy the departmental or faculty-level agents but to maintain or enhance personal credibility amongst members of University Sigma ( Lodhia and Jacobs, 2013 ).

As revealed in the interviews with financial officers, university financial officers have devised strategies to ensure the continuity of university operations increasing the capabilities of University Sigma and to maintain or develop credibility towards bursars by negotiating budgetary rules with the necessary authorities ( Lamaison and Bourdieu, 1986 ). Hence, being the embodiment of “immanent regularities and tendencies” relating to the budgeting practice ( Bourdieu and Wacquant, 1992 , p. 138), the specific perceptions and actions of university bursars are attuned to expedite activities as planned in the university budget. This is consistent with the exploration of Baxter and Chua (2008) , who characterised the CFO's habitus from a technical accounting angle, allowing a demonstration of the competencies in managing a diverse range of activities of different lines of business in a large company.

Being an agent responsible for the overall university budgetary process, the university bursar (top financial officer) explained how her individual practices are frequently inscribed with social determination attached to the position where she operates ( King, 2005 ). However, there are instances where the university bursar engaged in budgetary process significantly depends on her discretion to realise the targets in the university budget. Thus, day-to-day individual actions are not simply constrained by the external constraints; instead, they are informed by the deeply ingrained past experiences and restraints offered by the present conditions ( Swartz, 2002 ). Although the budget is considered a mechanism to exert control over the agents who are expected to operate within the predefined limits, these limits can be exploited by the specific practical actions of the bursars ( Ahrens and Chapman, 2004 ; Wouters and Wilderom, 2008 ). Without explicitly violating the rules of budgetary practice, bursars place great emphasis on enabling the situations by going beyond the pre-planned budgetary limits in line with their “sense of practice” to ensure the best for University Sigma ( Grenfell, 2008 ; Lamaison and Bourdieu, 1986 ; Raedeke et al. , 2003 ; Swartz, 2002 ).

Concluding discussion

The paper has examined in what ways do field, capital and habitus interplay to determine individual strategies of actions (practices) reflected through perceptions, appreciations, tensions and conflicting interests and how do they influence budgetary control practice. In conclusion, the empirical evidence suggested that practices are not conscious or mechanistic obedience to a rigid set of rules, guidelines and procedures of budgetary control; instead, their specific practices are attuned with “practical sense” or “taken-for-granted sense” of the regular budgetary practice prevailing in the public university setting ( Bourdieu, 1990 ; Bourdieu and Wacquant, 1992 ; Hutaibat, 2019 ). Further, Bourdieu's theorisation of social practices illustrated how individuals/groups are enabled to choose strategies of actions in budgetary control as a product of specific dispositions and interests associated with the particular power position in a given field ( Battilana, 2006 ; Boedker, 2010 ; Carter et al. , 2011 ; Hutaibat, 2019 ; Khanchel and Kahla, 2013 ; Vaughan, 2008 ). Taking into account Bourdieu's practice insights, as the dispositions of general academics are informed by symbolic power, doxa and self-evident understanding in the particular setting, the subversion strategies are evident in the budget-setting phase ( Célérier and Botey, 2015 ; Emirbayer and Johnson, 2008 ; Emirbayer and Williams, 2005 ; Hutaibat, 2019 ; Semeen et al. , 2016 ).

As Hutaibat (2019) asserted different forms of capital create power structures of the specific field, such power diversity and power relations are evident amongst the agents of University Sigma. Further, being consistent with Carter et al. (2011) who suggested that power structures are capable of influencing the strategising, accounting and decision- making, it is evident that budgeting practices are shaped by key university agents (i.e. deans) and their experiences. Similarly, being situated in the subservient position in the university power configuration, finance/administrative officers tend to silently accept the budgetary rules in the policy-laden context by indicating successive strategies.

As with the findings of Lodhia and Jacobs (2013) , particularly finance/administrative officers are skilful agents with a strong sense of practical mastery in the art of operating the budgetary process. By negotiating the rules of budgetary practice, their actions typically emanate from the “immanent necessary” to sustain the enlisted coercive tendencies in support of achieving control in the budgetary process ( Lamaison and Bourdieu, 1986 ; Swartz, 2002 ). However, based on the sense of practice, with a vested interest in compliance with the existing order of control practice to ensure survival in the current position in the university hierarchy, there could be instances where agents may act by giving an appearance of obeying rules in the actual budgetary practice ( Lamaison and Bourdieu, 1986 ).

When probing the practices of internal agents, it is suggested that budgetary practice is often driven by financial/administrative agents who are situated at subservient positions in the university field. In conclusion, the case data on institutionally imposed budgeting practice suggested that the micro effects stemming from multiple agents who pursue competing interests, mutually opposed strategies and power relations are significant in understanding variability in budgetary practice in a public university setting ( Al-Htaybat and Von Alberti-Alhtaybat, 2018 ).

It is discerned through this study that differing positions in the power configuration, access to resources in the field and dispositions of individuals determine the nature and extent of effects that agents can produce on management control practices ( Battilana, 2006 ; Khanchel and Ben Kahla, 2013 ; Lodhia and Jacobs, 2013 ; Vaughan, 2008 ). In line with Vaughan's (2008) assertion, “social location was crucial to the outcome” (p. 76); the study suggested that an individual's position in the organisational power hierarchy is essential in understanding how their perceptions, appreciations and power relations are enabled to deploy specific practices and exert power in an organisational setting. Consistent with Emirbayer and Williams (2005) , the field analysis provides understanding on the mutually opposing interests and strategies of internal agents pursuing conservation, subversion and successive strategies in management control practice, depending on the degree of dominated or dominant poles recognised in the power configuration ( Emirbayer and Johnson, 2008 ; Vaughan, 2008 ).

The most compelling implication for practitioners arising from the study is the importance of understanding that management controls are not all they seem to be; rather, they could operate differently, in irrational, unconscious or non-strategic ways, in the actual practice of the budgetary process. It is vital to understand that management controls (i.e. budgeting) are commonly shaped by the micro-facets stemming from the individual/group level of the specific organisational setting. Thus, the study provides insights about the need to explore below the surface as management control practice is seldom as it appears to be.

As several agents interact in management control practices in diverse ways, agents are generally recognised according to the nature of their duties and professional capacity in the Sigma setting. The first category is identified as agents who are predominantly academics, who currently hold top administrative positions in the faculty or university level in the research setting. In order to denote the positions that carry these characteristics, we use the term “key university official”. The second category is identified as agents who purely hold middle- and top-level administrative and administration of finance positions, such as the university registrar and bursar. The third category is denoted as “academic member”, with a primary role dealing with teaching, learning and research.

Scientific renown refers to intellectual or scientific capital deriving from scholarly reputation and is not necessarily connected to position within the institution ( Bourdieu and Wacquant, 1992 , p. 76).

Obtaining and maintaining the top hierarchical position enables domination of other positions and holders of different capital.

In this phase, the budget preparation changes from a “needs” basis to an “availability” basis.

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Further reading

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Senator the Hon Murray Watt

Budget 2024-25: Protecting and Growing the Future of Agriculture

The Albanese Labor Government will invest $789 million over the next eight years in the Budget to help farmers and producers protect and adapt against the impacts of climate change, build more resilience for the sector and maintain Australia’s position as a trusted and reliable trading partner.

Farmers are on the frontline of climate change, facing more intense and frequent natural disasters and weather extremes which is already hurting the bottom line.

The Albanese Government is committed to helping farmers and regional communities across the country become more productive and more profitable, while also reducing their emissions.

Drought preparedness and resilience

Helping regional and rural communities prepare for the next drought and manage climate risk is a key feature of the Albanese Government’s $519.1 million spend from the Future Drought Fund (FDF). Support for farmers and regional communities in this Budget includes:

  • $235 million over eight years to work with regions and communities to help them manage their own drought and climate risks, through collaborative and locally led action. The funding will continue the Drought Resilience Adoption and Innovation Hub model, provide for the next phase of the Regional Drought Resilience Planning Program and deliver a revised FDF Communities program. 
  • $15 million over four years to work with First Nations peoples and communities to support connection to country through management of drought and climate risks. The funding will establish a First Nations Advisory Group to advise on issues relating to drought and climate resilience, a pilot program to facilitate place-based, First Nations-led activities, and dedicated funding to support activities that seek to improve opportunities for First Nations participation in FDF drought and climate resilience activities. 
  • $137.4 million over five years to support farmers and regional communities to make informed decisions and better manage drought and climate risks. The funding will extend and improve the existing Farm Business Resilience and Climate Services for Agriculture programs, and deliver the new Scaling Success Program. 
  • $120.3 million over six years for programs that trial innovative solutions with the potential to build the agriculture sector, landscapes and communities’ long-term resilience to drought and climate risks, through transformational change. The funding will continue and expand the FDF Long Term Trials Program, a revised FDF Resilient Landscapes Program, and will implement a new FDF Innovation Challenges Pilot. These activities will lead to increased uptake of evidence-based, innovative practices, approaches and technologies. 
  • $11.4 million over four years to support critical enabling activities to effectively deliver drought and climate resilience outcomes. This will support monitoring, evaluation and learning to measure outcomes and share knowledge generated by FDF programs about how to address drought and climate risks. 
  • A further $13.9 million over the next four years will be spent to ensure the Government maintains a state of readiness for drought. The funding supports a nationally consistent approach to drought policy and programs, which will informed by the 2024-2029 National Drought Agreement and the Australian Government’s Drought Plan. These key activities will be supported by inclusive and timely stakeholder engagement and communications to ensure drought policy is informed by the people it impacts. Consultation on the Australian Government’s Drought Plan will commence shortly. 
  • From 2028-29, a further $3.4 million per year ongoing has also been allocated to ensure the Government has an ongoing focus on drought as we know the best time to prepare for drought is before drought occurs.

Climate and sustainability

To ensure the agriculture and land sectors can meaningfully contribute to the whole-of-economy transition to net zero, the Government is investing $63.8 million over ten years to support initial emissions reduction efforts.

Phase out of live sheep exports by sea

This Budget also includes a $107 million assistance package over five years to help the Australian sheep industry transition away from live exports by 1 May 2028, realising the booming opportunities for Australian sheepmeat and wool across the globe.

Ending the trade was an election commitment, with an independent report recommending a suite of measures following extensive consultation with industry and the public.

The assistance package will help the $77 million industry to transition away from live exports into onshore processing, creating added value for the local processing market and additional jobs in Western Australia.

The package also provides funding for overseas market development for Australian sheepmeat, as well as funding for rural mental health programs in Western Australia.

Agriculture workforce

More Australians will be encouraged to enter the agricultural workforce with a revised and focussed AgUP grants program.

The Government will use $1.9 million over three years to provide targeted grants to industry led projects that can benefit the entire sector.

The program will support the continuation of existing activities for National Farm Safety Week and work experience opportunities for young people interested in agriculture through the AgCareer start pilot.

It also includes funding for a new, skilled agricultural work liaison program, in urban and regional universities, aimed at increasing the number of highly-skilled graduates entering the sector.

The funding will help the Government address diverse and complex workforce issues such as attraction and retention.

Food labelling

This Budget will also see the Government deliver on its election commitment to deliver accurate and clear labelling of plant-based alternative protein products.

The Government will spend $1.5 million over two years from 2023–24 to work with industry and regulatory agencies to improve existing arrangements in labelling.

The funding will also support independent research into consumers’ current understanding of plant-based labelling and inform improvements to guidance material.

Biosecurity

The Albanese Government is investing $16.9 million over four years to ensure the biosecurity integrity of Australia’s border remains contemporary and adaptable to evolving global risks by underpinning biosecurity operations with specialist technology and equipment at Sydney’s new international airport.

Western Sydney International Airport, which is currently under construction, will be fitted out with specialist screening and biosecurity risk detection equipment and scientific diagnostic equipment to support biosecurity officers and detector dogs continue to keep Australia free from exotic pests and diseases.

The canine facility will be fitted out to provide canine care, including medical and veterinarian needs and food and accommodation for the Biosecurity, Australian Border Force and Australian Federal Police dog fleets.

Western Sydney International Airport is expected to be one of Australia’s busiest airports when it opens. The Department is working closely and co-designing with Western Sydney International Airport and other Commonwealth agencies on infrastructure and facilities for border services.

Forestry and Fisheries

The Government is investing $3.4 million over four years to implement and complete its plan for forestry, A Future Grown in Australia: A Better Plan for Forestry and Forestry Products. 

This allows delivery of the Government’s election commitment to develop a national strategy for the wood fibre and forestry sector and a commitment to review the 1992 National Forestry Policy Statement in collaboration with state and territory governments. 

These initiatives are part of a $302 million investment in new plantations and technology and will contribute to achieving and realising a long-term outlook for the forestry industry, which is a key element of regional communities around the country. 

The Government has also committed $1.7 million to ensure the Australian Fisheries Management Authority can protect our northern waters from the growing threat of illegal fishing, which is a risk to our fishing industry, our biosecurity status, our environment and our border security. 

For more information head to the DAFF budget webpage . 

Fiscal Marksmanship of Child Budget and its Implications for Child Development: Evidence from India

  • Published: 16 May 2024

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budget management research paper

  • Narayana Muttur Ranganathan   ORCID: orcid.org/0000-0001-5469-1722 1  

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This paper analyses the nature and magnitude of fiscal marksmanship or budget forecasting errors in Child Budget in India by a case study of Karnataka State. The implications of fiscal marksmanship are analysed for child development within the framework of Child Budget. Level of multidimensional child development is measured by 26 indicators, representing child education, health, nutrition, protection and participation and in the frameworks of child rights and UN-Sustainable Development Goals 2030. Main results show that Karnataka State’s good fiscal management is accompanied by a lack of fiscal marksmanship in Child Budget. Other things being equal, a perfect fiscal marksmanship implies a gain of about 0.3% point in composite index of child development. This implies that achievement of fiscal marksmanship has a positive effect on child development through Child Budget. Lessons from this case study are of general relevance and applicability at national level and for other states in India as well as for other countries which aim at child development through their Child Budget.

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Public Spending and Investment in Children: Measuring and Assessing Social and Economic Justice

Recent Economic Survey (Government of Karnataka, 2023a ), Human Development Report (Government of Karnataka, 2022a ) and State Budget Volumes (Government of Karnataka, 2023b ) are the official sources for information on and introduction to the State’s economy, development and fiscal policy.

For financial year 2023-24, State Budget was presented on 17th February 2023 and 7th July 2023 due to change in State Government. Throughout, unless stated otherwise, Child Budget 2023-24 refers to February version.

Official population projections for child population are available in Government of India ( 2020b ) and show a decline in child population from 2011 to 2036. If these projected figures are used, and other things being equal, Child Budget allocation in regard to less than 100% CCP and less than 100% CCNP is reduced.

These 17 indicators are as follows. Each indicator is identified and prefixed by the Goal, Target and Indicator numbers in UN-SDG. For instance, 2.2.1 Stunting refers to Goal 2, Target 2 and Indicator 1. 2.2.1 Stunting; 2.2.2 Wasting/overweight; 3.1.2 Skilled attendant at birth; 3.2.1 Under-five mortality; 3.2.2 Neonatal mortality; 3.b.1 Full vaccination coverage; 4.2.1 Early childhood development; 5.2.1 Sexual violence by intimate partner; 5.2.2 Sexual violence by non-intimate partner; 5.3.1 Early marriage; 5.3.2 FGM/C; 6.1.1 Safely managed drinking water; 6.2.1 Safely managed sanitation and hygiene; 8.7.1 Child labour; 16.2.1 Child discipline; 16.2.3 Sexual violence against children; and 16.9.1 Birth registration.

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Acknowledgements

Author is grateful to three anonymous reviewers of this Journal for constructive comments and suggestions on an earlier version of this paper. The Fiscal Policy Institute, Government of Karnataka (Bengaluru, India) is thanked for research support. However, usual disclaimers apply.

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Budget 2024-25 - home

Cost of living help and a future made in Australia

Investing in a future made in australia.

Investing in a Future Made in Australia and the skills to make it a reality

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Attracting investment in key industries

Making Australians the beneficiaries of change

A Future Made in Australia is about creating new jobs and opportunities for every part of our country by maximising the economic and industrial benefits of the move to net zero and securing Australia’s place in a changing global economic and strategic landscape.

The Government’s $22.7 billion Future Made in Australia package will help facilitate the private sector investment required for Australia to be an indispensable part of the global economy.

For more information refer to the Future Made in Australia fact sheet [PDF 438KB]

Better deploying capital in priority areas

The Future Made in Australia package will realise Australia’s potential to become a renewable energy superpower, value‑add to our resources and strengthen economic security by better attracting and enabling investment in priority areas. The Government will create a Future Made in Australia Act and establish a National Interest Framework that identifies priority industries and ensures investments associated with them are responsible and targeted.

The Framework will have a focus on industries that contribute to the net zero transformation where Australia has a comparative advantage, and where Australia has national interest imperatives related to economic resilience and security.

Strengthening and streamlining approvals

This Budget provides a faster pathway to better decisions on environmental, energy, planning, cultural heritage and foreign investment approvals.

This includes:

  • $134.2 million to better prioritise approvals for renewable energy projects of national significance, and support faster decisions on environment, cultural heritage and planning approvals.
  • Working with the states and territories through the Energy and Climate Change Ministerial Council to accelerate electricity grid connections.
  • $20.7 million to improve engagement with communities impacted by the energy transition and accelerate the delivery of key energy projects.
  • $15.7 million to strengthen scrutiny of high‑risk foreign investment proposals, enhance monitoring and enforcement activities and support faster decisions.

The Government will also encourage foreign investment by providing refunds of 75 per cent of application fees for unsuccessful competitive bids.

Promoting sustainable finance

The Government is committing $17.3 million to mobilise private sector investment in sustainable activities. This includes extending Australia’s sustainable finance taxonomy to the agriculture sector and developing a labelling regime for financial products marketed as sustainable.

The Government will also examine opportunities to improve data quality and provide $1.3 million to develop and issue guidance for best practice transition plans.

Making Australia a renewable energy superpower

Powering australia with cheaper, cleaner, more reliable energy.

Australia’s potential to produce abundant renewable energy is a powerful source of comparative advantage. To realise this, the Government is unlocking more than $65 billion of investment in renewable capacity through the Capacity Investment Scheme by 2030.

This Budget helps Australians benefit from cheaper, cleaner energy sooner by investing $27.7 million to integrate consumer energy resources like batteries and solar into the grid.

The New Vehicle Efficiency Standard will save Australians around $95 billion at the bowser by 2050 and reduce transport emissions.

Unlocking investment in net zero industries and jobs

This Budget accelerates growth of new industries by establishing the $1.7 billion Future Made in Australia Innovation Fund and delivering a 10‑year extension of funding to the Australian Renewable Energy Agency. It also delivers the $44.4 million Energy Industry Jobs Plan and $134.2 million for skills and employment support in key regions.

The Future Made in Australia package establishes time‑limited incentives to invest in new industries. The Hydrogen Production Tax Incentive will make Australia’s pipeline of hydrogen projects commercial sooner, at an estimated cost of $6.7 billion over the decade. This Budget also expands the Hydrogen Headstart program by $1.3 billion.

Boosting demand for Australia’s green exports

The Government is making it easier for businesses and trading partners to source low‑emissions products by building better markets and product standards for green products.

This Budget provides $32.2 million to fast‑track the initial phase of the Guarantee of Origin scheme, focused on renewable hydrogen, and bring forward the expansion of the scheme to accredit the emissions content of green metals and low‑carbon liquid fuels. The Government is also working closely with trading partners to identify opportunities to drive greater supply chain transparency and better market recognition of high environmental, social and governance standards in the critical minerals sector.

Realising the opportunities of the net zero transformation

Australia is committed to reaching net zero greenhouse gas emissions by 2050 and is developing six sector plans covering:

  • electricity and energy
  • agriculture and land
  • the built environment.

This Budget continues investment in effective emissions abatement, including through $63.8 million to support emissions reduction efforts in the agriculture and land sector.

The Government is also investing $399 million to establish the Net Zero Economy Authority and support the economy‑wide net zero transformation. This Budget also invests an additional $48 million in reforms to the Australian Carbon Credit Unit scheme and $20.7 million to improve community engagement.

Strengthening resources and economic security

Backing a strong resources sector.

The Government is investing $8.8 billion over the decade to add more value to our resources and strengthen critical minerals supply chains. This Budget establishes a production tax incentive for processing and refining critical minerals at an estimated cost of $7 billion over the decade. It commits up to $1.2 billion in strategic critical minerals projects through the Critical Minerals Facility and the Northern Australia Infrastructure Facility, and pre‑feasibility studies for common user precincts.

This is in addition to $566.1 million to support Geoscience Australia to map all of Australia’s critical minerals, strategic materials, groundwater and other resources essential for the transition to net zero.

Manufacturing clean energy technologies

The Government is committing $1.5 billion to manufacturing clean energy technologies, including the $1 billion Solar Sunshot and $523.2 million Battery Breakthrough Initiative. These investments will be delivered by ARENA.

Strengthening supply chains

To support the delivery of the 82 per cent renewable energy target, the Government has formed the National Renewable Energy Supply Chain Action Plan with states and territories. The Government will invest an additional $14.3 million working with trade partners to support global rules on unfair trade practices and to negotiate benchmarks for trade in high quality critical minerals.

Digital, science and innovation

Investing in new technologies and capabilities.

The Government is investing $466.4 million to partner with PsiQuantum and the Queensland Government to build the world’s first commercial‑scale quantum computer in Brisbane.

The Government will undertake a strategic examination of Australia’s research and development (R&D) system with $38.2 million invested in a range of science, technology, engineering, and maths programs.

The Government is providing $448.7 million to partner with the United States in the Landsat Next satellite program to provide access to critical data to monitor the earth’s climate, agricultural production, and natural disasters.

Modernising and digitising industries

This Budget commits $288.1 million to support Australia’s Digital ID System. A National Robotics Strategy will also be released to promote the responsible production and adoption of robotics and automation technologies for advanced manufacturing in Australia.

Reforming tertiary education

The Government is committing $1.6 billion over 5 years, and an additional $2.7 billion from 2028–29 to 2034–35 to reform the tertiary education system and deliver Australia's future workforce.

This includes $1.1 billion for reforms to university funding and tertiary system governance.

Over $500 million will be provided for skills and training in priority industries and to support women’s participation in these sectors.

The Government will set a tertiary attainment target of 80 per cent of the working‑age population by 2050.

Supporting students on placements

The Government will establish Commonwealth Prac Payments (CPP) for students undertaking mandatory placements. From 1 July 2025, the payment will provide more than 73,000 eligible students, including teachers, nurses, midwives and social workers with $319.50 per week during their placements.

Felicity is a full‑time student receiving Youth Allowance, living by herself. She is studying a Bachelor of Nursing and must stop paid work during her mandatory prac placement. During her prac, Felicity receives $712.05 per week from the Government including: $319.50 of CPP, $285.55 of Youth Allowance (YA), $103.50 of Commonwealth Rent Assistance (CRA) and $3.50 of Energy Supplement.

Felicity receives $351.55 a week more than she would have in 2023 before indexation and the changes to YA, CRA and CPP in the current and 2023–24 Budget

budget management research paper

Broadening access to university

From January 2026, needs‑based funding will provide per student funding contributions for under‑represented students. The Government will also provide $350.3 million to fully fund university enabling courses and increase pathways for prospective students to university.

Skills pipeline for priority industries

Skills and training for Future Made in Australia industries

The Government will expand eligibility to the New Energy Apprenticeships Program to include work in the clean energy sector, including in construction and advanced manufacturing. This will provide access to $10,000 incentive payments and support our target of 10,000 new energy apprentices.

The Government will commit $30 million to turbocharge the VET teaching workforce for clean energy courses and $50 million to upgrade and expand clean energy training facilities.

The Government will invest $55.6 million to establish the Building Women’s Careers program to support women’s participation in key industries including clean energy and advanced manufacturing.

Supporting apprentices and building the construction workforce

The $5,000 support payments to apprentices in priority occupations will be maintained for another 12 months to 1 July 2025, up from $3,000 in the absence of any changes. Employers of these apprentices will receive a $5,000 hiring incentive, up from $4,000 in the absence of changes. This will provide certainty to apprentices while the Strategic Review of the Apprenticeship Incentive System is underway.

The Government will also invest $88.8 million to deliver 20,000 new fee‑free TAFE places including pre‑apprenticeships in courses relevant to the construction sector. The Government will provide $1.8 million to deliver streamlined skills assessments for around 1,900 migrants from comparable countries to work in Australia’s housing construction industry.

Strengthening our defence industry capability

An integrated and focused approach to defending Australia

The Government is investing an additional $50.3 billion over ten years to implement the 2024 National Defence Strategy to meet Australia’s strategic needs.

Overall funding for Defence will reach $765 billion over the decade. Defence’s Integrated Investment Program has been rebuilt to create a focused Australian Defence Force, accelerate delivery of priority capabilities, and provide certainty to grow Australia’s defence industry. This includes funding for the Royal Australian Navy’s surface combatant fleet and establishing a guided weapons and explosive ordnance manufacturing capability earlier.

The Government is reforming Defence’s budget to support the National Defence Strategy and delivery of priority capabilities.

Developing defence industry and skills

Industry development grants funding of $165.7 million will also help businesses to scale up and deliver the Sovereign Defence Industrial Priorities, which include continuous naval shipbuilding and sustainment, and development and integration of autonomous systems.

The Government is providing $101.8 million to attract and retain the skilled industrial workforce to support Australian shipbuilding and delivery of conventionally armed, nuclear powered submarines. This includes a pilot apprenticeship program in shipbuilding trades and technologies.

Investing in civil maritime capabilities

The Government is providing $123.8 million to maintain and enhance civil maritime security capabilities. This includes $71.2 million to increase the Australian Border Force’s on‑water response and aerial surveillance capabilities.

Securing Australia’s place in the world

Strengthening relationships and simplifying trade

A stable, prosperous and resilient Pacific region

The Government is delivering over $2 billion in development assistance to the Pacific in 2024–25. This includes the Australia‑Tuvalu Falepili Union.

Investing in our relationship with Southeast Asia

Following the launch of Australia’s Southeast Asia Economic Strategy to 2040, the Government is committing $505.9 million to deepen ties with the region.

Australia recently celebrated 50 years of partnership with the Association of Southeast Asian Nations (ASEAN). At the ASEAN‑Australia Special Summit, the Government announced a range of new and expanded initiatives, including a $2 billion Southeast Asia Investment Financing Facility to boost Australian trade and investment.

Simplifying trade

The Government will abolish 457 nuisance tariffs from 1 July 2024, streamlining $8.5 billion in annual trade and eliminating tariffs on goods such as toothbrushes, fridges, dishwashers, clothing and sanitary products.

The Government will provide $29.9 million to coordinate trade simplification and deliver the Digital Trade Accelerator program, and $10.9 million to enhance the Go Global Toolkit to support exporters.

The Government is expanding the Australia‑India Business Exchange, diversifying trade and helping more Australian businesses build commercial ties with India and across South Asia. There will be $2 million to support Australian agricultural exporters entering the Chinese markets.

Support for small businesses

Helping small businesses

This Budget’s Small Business Statement reaffirms the Government’s commitment to deliver a better deal for small businesses, with $641.4 million in targeted support.

For more information refer to the small business fact sheet [PDF 0.98MB]

Improving cash flow

The Government is providing $290 million to extend the $20,000 instant asset write‑off for 12 months. There will be $25.3 million to improve payment times to small businesses and $23.3 million to increase eInvoicing adoption.

Easing cost pressures and reducing the administrative burden

This Budget provides $3.5 billion of energy bill relief, including rebates of $325 to around one million small businesses.

The Government is reducing the administrative burden for small business by abolishing 457 nuisance tariffs and delivering $10 million to provide additional support for small business employers administering the Paid Parental Leave scheme.

Supporting confidence and resilience in the small business sector

This Budget invests a further $10.8 million in tailored, free and confidential financial and mental wellbeing supports for small business owners.

The Government is providing $20.5 million to the Fair Work Ombudsman to help small businesses understand and comply with recent workplace relations changes.

There will be $3 million to implement the Government’s response to the Review of the Franchising Code of Conduct, including remaking and enhancing the Code, and an additional $2.6 million to support more small businesses through alternative dispute resolution.

A more resilient Australia

Preparing for the future

The Government is preparing Australia for future droughts and heightened risk of natural disasters.

Disaster resilience and preparedness

The Government will provide $138.7 million to improve Australia’s response and resilience to natural hazards and disasters. Support includes: funding for the National Emergency Management Agency to supply communities with vital goods, equipment, and temporary accommodation during an emergency, aerial firefighting capability, and mental health support. This is in addition to the $11.4 billion previously committed for Disaster Recovery Funding Arrangements for the states and territories.

The Government is establishing a pilot program for Australia’s Strategic Fleet. These vessels will improve Australia’s capacity to respond and support communities and supply chains during crises.

Preparing for drought and climate change

This Budget provides $174.6 million from the National Water Grid Fund to deliver new water infrastructure projects that will enhance water security, boost agricultural production and help drought proof regional communities.

The Government will provide $519.1 million from its Future Drought Fund to help farmers and rural communities manage the impacts of climate change and prepare for future droughts.

budget management research paper

This investment will build the drought resilience of more farmers like Victorian cropper Ed Rickard.

The Fund supported Ed in developing a better farm business plan, which identified his need for weather stations and soil moisture probes. It also helped him implement a succession plan that ensured his farm’s long-term viability.

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This briefing presents three principles to guide business leaders when making AI investments: invest in practices that build capabilities required for AI, involve all your people in your AI journey, and focus on realizing value from your AI projects. The principles are supported by the MIT CISR data monetization research, and the briefing illustrates them using examples from the Australia Taxation Office and CarMax. The three principles apply to any kind of AI, defined as technology that performs human-like cognitive tasks; subsequent briefings will present management advice distinct to machine learning and generative tools, respectively.

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Today, everybody across the organization is hungry to know more about AI. What is it good for? Should I trust it? Will it take my job? Business leaders are investing in massive training programs, partnering with promising vendors and consultants, and collaborating with peers to identify ways to benefit from AI and avoid the risk of AI missteps. They are trying to understand how to manage AI responsibly and at scale.

Our book Data Is Everybody’s Business: The Fundamentals of Data Monetization describes how organizations make money using their data.[foot]Barbara H. Wixom, Cynthia M. Beath, and Leslie Owens, Data Is Everybody's Business: The Fundamentals of Data Monetization , (Cambridge: The MIT Press, 2023), https://mitpress.mit.edu/9780262048217/data-is-everybodys-business/ .[/foot] We wrote the book to clarify what data monetization is (the conversion of data into financial returns) and how to do it (by using data to improve work, wrap products and experiences, and sell informational solutions). AI technology’s role in this is to help data monetization project teams use data in ways that humans cannot, usually because of big complexity or scope or required speed. In our data monetization research, we have regularly seen leaders use AI effectively to realize extraordinary business goals. In this briefing, we explain how such leaders achieve big AI wins and maximize financial returns.

Using AI in Data Monetization

AI refers to the ability of machines to perform human-like cognitive tasks.[foot]See Hind Benbya, Thomas H. Davenport, and Stella Pachidi, “Special Issue Editorial: Artificial Intelligence in Organizations: Current State and Future Opportunities , ” MIS Quarterly Executive 19, no. 4 (December 2020), https://aisel.aisnet.org/misqe/vol19/iss4/4 .[/foot] Since 2019, MIT CISR researchers have been studying deployed data monetization initiatives that rely on machine learning and predictive algorithms, commonly referred to as predictive AI.[foot]This research draws on a Q1 to Q2 2019 asynchronous discussion about AI-related challenges with fifty-three data executives from the MIT CISR Data Research Advisory Board; more than one hundred structured interviews with AI professionals regarding fifty-two AI projects from Q3 2019 to Q2 2020; and ten AI project narratives published by MIT CISR between 2020 and 2023.[/foot] Such initiatives use large data repositories to recognize patterns across time, draw inferences, and predict outcomes and future trends. For example, the Australian Taxation Office (ATO) used machine learning, neural nets, and decision trees to understand citizen tax-filing behaviors and produce respectful nudges that helped citizens abide by Australia’s work-related expense policies. In 2018, the nudging resulted in AUD$113 million in changed claim amounts.[foot]I. A. Someh, B. H. Wixom, and R. W. Gregory, “The Australian Taxation Office: Creating Value with Advanced Analytics,” MIT CISR Working Paper No. 447, November 2020, https://cisr.mit.edu/publication/MIT_CISRwp447_ATOAdvancedAnalytics_SomehWixomGregory .[/foot]

In 2023, we began exploring data monetization initiatives that rely on generative AI.[foot]This research draws on two asynchronous generative AI discussions (Q3 2023, N=35; Q1 2024, N=34) regarding investments and capabilities and roles and skills, respectively, with data executives from the MIT CISR Data Research Advisory Board. It also draws on in-progress case studies with large organizations in the publishing, building materials, and equipment manufacturing industries.[/foot] This type of AI analyzes vast amounts of text or image data to discern patterns in them. Using these patterns, generative AI can create new text, software code, images, or videos, usually in response to user prompts. Organizations are now beginning to openly discuss data monetization initiative deployments that include generative AI technologies. For example, used vehicle retailer CarMax reported using OpenAI’s ChatGPT chatbot to help aggregate customer reviews and other car information from multiple data sets to create helpful, easy-to-read summaries about individual used cars for its online shoppers. At any point in time, CarMax has on average 50,000 cars on its website, so to produce such content without AI the company would require hundreds of content writers and years of time; using ChatGPT, the company’s content team can generate summaries in hours.[foot]Paula Rooney, “CarMax drives business value with GPT-3.5,” CIO , May 5, 2023, https://www.cio.com/article/475487/carmax-drives-business-value-with-gpt-3-5.html ; Hayete Gallot and Shamim Mohammad, “Taking the car-buying experience to the max with AI,” January 2, 2024, in Pivotal with Hayete Gallot, produced by Larj Media, podcast, MP3 audio, https://podcasts.apple.com/us/podcast/taking-the-car-buying-experience-to-the-max-with-ai/id1667013760?i=1000640365455 .[/foot]

Big advancements in machine learning, generative tools, and other AI technologies inspire big investments when leaders believe the technologies can help satisfy pent-up demand for solutions that previously seemed out of reach. However, there is a lot to learn about novel technologies before we can properly manage them. In this year’s MIT CISR research, we are studying predictive and generative AI from several angles. This briefing is the first in a series; in future briefings we will present management advice specific to machine learning and generative tools. For now, we present three principles supported by our data monetization research to guide business leaders when making AI investments of any kind: invest in practices that build capabilities required for AI, involve all your people in your AI journey, and focus on realizing value from your AI projects.

Principle 1: Invest in Practices That Build Capabilities Required for AI

Succeeding with AI depends on having deep data science skills that help teams successfully build and validate effective models. In fact, organizations need deep data science skills even when the models they are using are embedded in tools and partner solutions, including to evaluate their risks; only then can their teams make informed decisions about how to incorporate AI effectively into work practices. We worry that some leaders view buying AI products from providers as an opportunity to use AI without deep data science skills; we do not advise this.

But deep data science skills are not enough. Leaders often hire new talent and offer AI literacy training without making adequate investments in building complementary skills that are just as important. Our research shows that an organization’s progress in AI is dependent on having not only an advanced data science capability, but on having equally advanced capabilities in data management, data platform, acceptable data use, and customer understanding.[foot]In the June 2022 MIT CISR research briefing, we described why and how organizations build the five advanced data monetization capabilities for AI. See B. H. Wixom, I. A. Someh, and C. M. Beath, “Building Advanced Data Monetization Capabilities for the AI-Powered Organization,” MIT CISR Research Briefing, Vol. XXII, No. 6, June 2022, https://cisr.mit.edu/publication/2022_0601_AdvancedAICapabilities_WixomSomehBeath .[/foot] Think about it. Without the ability to curate data (an advanced data management capability), teams cannot effectively incorporate a diverse set of features into their models. Without the ability to oversee the legality and ethics of partners’ data use (an advanced acceptable data use capability), teams cannot responsibly deploy AI solutions into production.

It’s no surprise that ATO’s AI journey evolved in conjunction with the organization’s Smarter Data Program, which ATO established to build world-class data analytics capabilities, and that CarMax emphasizes that its governance, talent, and other data investments have been core to its generative AI progress.

Capabilities come mainly from learning by doing, so they are shaped by new practices in the form of training programs, policies, processes, or tools. As organizations undertake more and more sophisticated practices, their capabilities get more robust. Do invest in AI training—but also invest in practices that will boost the organization’s ability to manage data (such as adopting a data cataloging tool), make data accessible cost effectively (such as adopting cloud policies), improve data governance (such as establishing an ethical oversight committee), and solidify your customer understanding (such as mapping customer journeys). In particular, adopt policies and processes that will improve your data governance, so that data is only used in AI initiatives in ways that are consonant with your organization's values and its regulatory environment.

Principle 2: Involve All Your People in Your AI Journey

Data monetization initiatives require a variety of stakeholders—people doing the work, developing products, and offering solutions—to inform project requirements and to ensure the adoption and confident use of new data tools and behaviors.[foot]Ida Someh, Barbara Wixom, Michael Davern, and Graeme Shanks, “Configuring Relationships between Analytics and Business Domain Groups for Knowledge Integration, ” Journal of the Association for Information Systems 24, no. 2 (2023): 592-618, https://cisr.mit.edu/publication/configuring-relationships-between-analytics-and-business-domain-groups-knowledge .[/foot] With AI, involving a variety of stakeholders in initiatives helps non-data scientists become knowledgeable about what AI can and cannot do, how long it takes to deliver certain kinds of functionality, and what AI solutions cost. This, in turn, helps organizations in building trustworthy models, an important AI capability we call AI explanation (AIX).[foot]Ida Someh, Barbara H. Wixom, Cynthia M. Beath, and Angela Zutavern, “Building an Artificial Intelligence Explanation Capability,” MIS Quarterly Executive 21, no. 2 (2022), https://cisr.mit.edu/publication/building-artificial-intelligence-explanation-capability .[/foot]

For example, at ATO, data scientists educated business colleagues on the mechanics and results of models they created. Business colleagues provided feedback on the logic used in the models and helped to fine-tune them, and this interaction helped everyone understand how the AI made decisions. The data scientists provided their model results to ATO auditors, who also served as a feedback loop to the data scientists for improving the model. The data scientists regularly reported on initiative progress to senior management, regulators, and other stakeholders, which ensured that the AI team was proactively creating positive benefits without neglecting negative external factors that might surface.

Given the consumerization of generative AI tools, we believe that pervasive worker involvement in ideating, building, refining, using, and testing AI models and tools will become even more crucial to deploying fruitful AI projects—and building trust that AI will do the right thing in the right way at the right time.

Principle 3: Focus on Realizing Value From Your AI Projects

AI is costly—just add up your organization’s expenses in tools, talent, and training. AI needs to pay off, yet some organizations become distracted with endless experimentation. Others get caught up in finding the sweet spot of the technology, ignoring the sweet spot of their business model. For example, it is easy to become enamored of using generative AI to improve worker productivity, rolling out tools for employees to write better emails and capture what happened in meetings. But unless those activities materially impact how your organization makes money, there likely are better ways to spend your time and money.

Leaders with data monetization experience will make sure their AI projects realize value in the form of increased revenues or reduced expenses by backing initiatives that are clearly aligned with real challenges and opportunities. That is step one. In our research, the leaders that realize value from their data monetization initiatives measure and track their outcomes, especially their financial outcomes, and they hold someone accountable for achieving the desired financial returns. At CarMax, a cross-functional team owned the mission to provide better website information for used car shoppers, a mission important to the company’s sales goals. Starting with sales goals in mind, the team experimented with and then chose a generative AI solution that would enhance the shopper experience and increase sales.

Figure 1: Three Principles for Getting Value from AI Investments

budget management research paper

The three principles are based on the following concepts from MIT CISR data research: 1. Data liquidity: the ease of data asset recombination and reuse 2. Data democracy: an organization that empowers employees in the access and use of data 3. Data monetization: the generation of financial returns from data assets

Managing AI Using a Data Monetization Mindset

AI has and always will play a big role in data monetization. It’s not a matter of whether to incorporate AI, but a matter of how to best use it. To figure this out, quantify the outcomes of some of your organization’s recent AI projects. How much money has the organization realized from them? If the answer disappoints, then make sure the AI technology value proposition is a fit for your organization’s most important goals. Then assign accountability for ensuring that AI technology is applied in use cases that impact your income statements. If the AI technology is not a fit for your organization, then don’t be distracted by media reports of the AI du jour.

Understanding your AI technology investments can be hard if your organization is using AI tools that are bundled in software you purchase or are built for you by a consultant. To set yourself up for success, ask your partners to be transparent with you about the quality of data they used to train their AI models and the data practices they relied on. Do their answers persuade you that their tools are trustworthy? Is it obvious that your partner is using data compliantly and is safeguarding the model from producing bad or undesired outcomes? If so, make sure this good news is shared with the people in your organization and those your organization serves. If not, rethink whether to break with your partner and find another way to incorporate the AI technology into your organization, such as by hiring people to build it in-house.

To paraphrase our book’s conclusion: When people actively engage in data monetization initiatives using AI , they learn, and they help their organization learn. Their engagement creates momentum that initiates a virtuous cycle in which people’s engagement leads to better data and more bottom-line value, which in turn leads to new ideas and more engagement, which further improves data and delivers more value, and so on. Imagine this happening across your organization as all people everywhere make it their business to find ways to use AI to monetize data.

This is why AI, like data, is everybody’s business.

© 2024 MIT Center for Information Systems Research, Wixom and Beath. MIT CISR Research Briefings are published monthly to update the center’s member organizations on current research projects.

Related Publications

budget management research paper

Talking Points

Ai, like data, is everybody's business.

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Working Paper: Vignette

The australian taxation office: creating value with advanced analytics.

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Research Briefing

Building advanced data monetization capabilities for the ai-powered organization.

budget management research paper

Building AI Explanation Capability for the AI-Powered Organization

budget management research paper

What is Data Monetization?

About the researchers.

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Barbara H. Wixom, Principal Research Scientist, MIT Center for Information Systems Research (CISR)

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Cynthia M. Beath, Professor Emerita, University of Texas and Academic Research Fellow, MIT CISR

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Founded in 1974 and grounded in MIT's tradition of combining academic knowledge and practical purpose, MIT CISR helps executives meet the challenge of leading increasingly digital and data-driven organizations. We work directly with digital leaders, executives, and boards to develop our insights. Our consortium forms a global community that comprises more than seventy-five organizations.

MIT CISR Associate Members

MIT CISR wishes to thank all of our associate members for their support and contributions.

MIT CISR's Mission Expand

MIT CISR helps executives meet the challenge of leading increasingly digital and data-driven organizations. We provide insights on how organizations effectively realize value from approaches such as digital business transformation, data monetization, business ecosystems, and the digital workplace. Founded in 1974 and grounded in MIT’s tradition of combining academic knowledge and practical purpose, we work directly with digital leaders, executives, and boards to develop our insights. Our consortium forms a global community that comprises more than seventy-five organizations.

Commonwealth of Australia

Ministers Treasury portfolio

  • The Hon Dr Jim Chalmers MP

Budget Speech 2024–25

Delivered on 14 May 2024 on the second reading of the Appropriation Bill (No. 1) 2024–25.

Speaker, I move that the Bill be now read a second time.

Cost of living help and a future made in Australia

On this Ngunnawal land we acknowledge all the First Nations people of this country and the custodians, customs and cultures which guide and inspire us.

This is a Budget for the here‑and‑now and it’s a Budget for the decades to come.

It’s a responsible Budget that helps people under pressure today – and invests in the promise and potential of the more prosperous future we can make together.

Our main priorities are:

  • Helping with the cost of living.
  • Building more homes for Australians.
  • Investing in a Future Made in Australia – and the skills and universities we’ll need, to make it a reality.
  • Strengthening Medicare and the care economy.
  • And responsible economic management, which is set to produce another surplus and help fight inflation.

This government and this Budget delivers for every Australian:

A tax cut for every taxpayer.

Wages growing in every industry.

A better deal for every working parent.

A fairer go at every checkout.

New help with energy bills for every household and for small business.

Stronger Medicare in every community.

More homes in every state and territory.

More opportunities in every TAFE and University.

A dignified retirement for older Australians.

Energy and industry policies that help bring the jobs of the future to every corner of our country.

An economic plan where growth and opportunity go together.

A government and a Budget for every Australian.

Economic outlook

It’s framed in fraught and fragile global conditions.

The world economy is resilient in parts but subdued overall.

Inflation is lingering in North America, growth is slowing in China and tepid in Europe, tensions have escalated in the Middle East and persist in Ukraine, global supply chains are fragmenting.

This uncertainty combines with cost of living pressures and higher interest rates to slow our economy, with growth forecast to be just 1¾ per cent this financial year and 2 per cent next.

Slower growth means a softer labour market, with unemployment expected to rise slightly to 4½ per cent next year, even as we create tens of thousands of new jobs.

I want Australians to know that despite everything coming at us, we are among the best placed economies to manage these uncertainties and maximise our opportunities.

We have an envied combination of moderating inflation, record new jobs, near‑record participation, real wages growth, the lowest‑ever gender pay gap, and expanding business investment.

Annual inflation has more than halved from its peak in 2022 and it’s now lower than anticipated in the mid‑year update but we know people are still under the pump.

That’s why we designed our cost of living policies to ease these pressures and take another ¾ of a percentage point off inflation this year, and ½ a percentage point next year.

Treasury is now forecasting inflation could return to target earlier, perhaps even by the end of this year.

At the same time, around 780,000 jobs have been created under this government, a record for any first term.

This is stronger jobs growth than in any major advanced economy.

Real wages are growing again for the first time in almost 3 years.

Business investment is now expected to record its longest annual expansion since the mining boom –

And we’re addressing the pressures caused by population growth, with net overseas migration next year now expected to be half what it was last year.

Easing cost of living pressures

The number one priority of this government and this Budget is helping Australians with the cost of living.

Responsible relief that eases pressure on people and directly reduces inflation.

The comprehensive cost of living plan in this Budget:

  • Delivers a tax cut for every taxpayer.
  • Provides new power bill relief for people and small businesses.
  • Freezes the cost of medicines.
  • Makes student loans fairer.
  • Boosts competition in our economy so families and farmers get a fairer go.
  • And supports renters.

Tax cuts for every taxpayer

Our new tax cuts for middle Australia are the biggest part of the cost of living relief in this Budget.

From July 1, all 13.6 million taxpayers will get a tax cut.

And for 84 per cent of taxpayers, and 90 per cent of women, a bigger tax cut than they would have under the previous government.

This is about rewarding the hard work of our nurses and teachers, truckies and tradies.

And the 2.9 million people earning $45,000 or less, who would have received nothing.

The average benefit is $1,888 a year, that’s $36 a week.

Our tax cuts are better for families, communities, women, and young people, and better for business and the economy.

New power bill relief

In 2022, Russia’s invasion of Ukraine triggered the biggest shock to global energy prices since the 1970s.

We know Australian families and businesses have felt this pain – and that’s why we stepped in to help.

Electricity prices would have risen 15 per cent in the last year if not for our efforts – instead they rose 2 per cent.

Tonight, I assure Australians more help is on the way.

This Budget delivers $3.5 billion in new energy bill relief.

For everyone.

Just as every Australian taxpayer will get a tax cut, every Australian household will get energy price relief.

From July 1, Australians will receive an energy rebate of $300 – and one million small businesses will get a bit more.

The ABS has shown how cutting energy bills directly cuts inflation too.

Keeping the lights on for families and businesses – and keeping downward pressure on inflation.

Cheaper medicines

Labor governments make Medicare stronger – and medicine cheaper.

We are providing up to $3 billion for cheaper medicines and the community pharmacies that distribute them.

And we are freezing the maximum cost of PBS prescriptions.

This year and next year, no‑one will pay more than $31.60.

Six out of 10 PBS scripts go to pensioners and concession cardholders.

And we will freeze the cost of their medicines, for 5 years.

Meaning no pensioner or concession cardholder will pay more than $7.70 for the medicine they need.

We’re also investing $3.4 billion to add life‑changing and life saving medicines to the PBS.

Cutting the cost of one breast cancer treatment from around $100,000 down to just $31.60.

Debt relief for students

Going to university can be a life‑changing opportunity.

For 35 years now, our student loan system has supported millions of people who study hard to chase their dream.

But spikes in inflation have exposed a flaw in this system – and put young people under unfair pressure.

We are fixing that and changing it so it won’t happen again.

We are capping indexation of student loans to either the Consumer Price Index or the Wage Price Index, whichever is lower.

Backdating it to mid‑2023 will cut indexation from last year in half.

It will wipe $3 billion in student debt for over 3 million Australians and save the average person around $1,200.

A fair go at the checkout

Australians are feeling the pinch at the check‑out.

That’s why we empowered the competition watchdog to hold supermarkets accountable –

Why we’re taking steps to make the Food and Grocery Code mandatory –

And making our economy more competitive across the board –

By strengthening the mergers regime –

And abolishing nuisance tariffs and reducing compliance costs for business.

Because more competition means more choices, lower prices, better services and better jobs.

More help for renters

Rising rents are another big part of the inflation challenge, and we’re supporting renters who need our help.

We are providing $1.9 billion to increase the maximum rates of Commonwealth Rent Assistance by a further 10 per cent.

On top of the 15 per cent increase delivered in our last Budget.

It’s the first back‑to‑back increase to Commonwealth Rent Assistance in more than 30 years.

And more much‑needed help for young people and renters of all ages doing it tough.

Building more homes for Australians

We’re easing the cost of living – and we’re building more homes for Australians.

In the 5 years from this July, we aim to build 1.2 million of them.

Our goal is ambitious – but achievable, if we all work together and if we all do our bit.

$6.2 billion in new investments mean our $32 billion Homes for Australia plan will:

  • Clear local infrastructure bottlenecks.
  • Provide more housing for students.
  • Fund more social and affordable housing.

And we will also deliver better transport for better access to suburbs, cities and regions.

Infrastructure that supports more homes

More homes means more affordable homes.

And a better deal for buyers, builders and renters alike.

The current housing pipeline is backed up.

We’ve already allocated $3.5 billion to address bottlenecks and slash red tape –

And this Budget includes another $1 billion to help states and territories build more housing sooner.

And we’re providing $89 million for 20,000 additional fee‑free TAFE and VET places to train more construction workers to do the work we’ll need.

More housing for students

Australia’s international education sector is a national asset.

But for too long, enrolments have grown without being matched by an increase in student housing supply.

This puts pressure on prices and rents, especially in our cities and suburbs.

It makes finding housing harder for everyone.

We have a more substantial, more sustainable approach.

If universities want to take more international students, they must build more student accommodation.

We will limit how many international students can be enrolled by each university based on a formula, including how much housing they build.

More social and affordable housing

So more student housing – and more social housing.

Tonight’s Budget delivers an additional $1.9 billion in loans to help build 40,000 social and affordable homes.

We have also secured the national housing agreement, which would otherwise have run out.

We’re building more remote housing in the NT –

Doubling funding dedicated to address homelessness –

And we’re directing $1 billion towards accommodation for women and children fleeing domestic violence, and youth.

Better transport for cities, regions and suburbs

Building new homes will mean building new connections to community too.

So people can find good jobs and count on reliable transport close to where they want to live.

We are investing in vital projects to build new transport networks across every state and territory.

Including a new rail link that will bring the communities of the Sunshine Coast and Brisbane together –

Opening Western Sydney to the world with $2.3 billion for better infrastructure and the new international airport –

And $102 million to upgrade regional airports and remote airstrips, better connecting remote communities to essential services.

Investing in a Future Made in Australia

We are building more homes and helping people now.

And we are building an economy that will position our people to benefit from the opportunities of the decades ahead.

The world is committed to net zero by 2050.

This will demand the biggest transformation in the global economy since the industrial revolution.

Australian energy can power it.

Australian resources can build it.

Australia’s regions can drive it.

Australian researchers can shape it.

And Australian workers can thrive in it.

Our $22.7 billion Future Made in Australia package will help make us an indispensable part of the global economy.

A crucial part of a growth agenda which is all about:

  • Attracting investment in key industries.
  • Making our country a renewable energy superpower.
  • Strengthening our defence capabilities and economic security.
  • Supporting small business to grasp the opportunities of our transforming economy.
  • And expanding and reforming tertiary education for a more skilled workforce.

Attracting investment in key industries

To realise the opportunities of a Future Made in Australia we’re changing the way we attract and deploy investment.

A new Act and new framework will impose the rigour –

Focusing investment on transformational opportunities –

And setting conditions to ensure investors benefiting from our incentives are supporting their people and communities – to lift private investment in skills, workforces and local supply chains.

We will create a front door for investors to accelerate and coordinate transformational projects –

Establish a domestic National Interest Account, that adds discipline to investments in the national interest –

And strengthen and streamline approvals – across environmental, planning, cultural heritage and foreign investment.

Making Australia a renewable energy superpower

We know the global energy transformation represents a golden opportunity for Australia.

The world is changing, the pace of that change is accelerating, and our approach to growth and investment needs to change as well.

If we hang back, the chance for a new generation of jobs and prosperity will pass us by – and we’ll be poorer and more vulnerable as a consequence.

This Budget invests in our renewable energy superpower ambitions –

Including $13.7 billion in production tax incentives for green hydrogen and processed critical minerals, so industries are rewarded for scale and success –

The $1.7 billion Future Made in Australia Innovation Fund, to develop new industries like green metals and low carbon fuels –

And $520 million to deepen net zero trade and engagement with our region.

We’re also allocating $566 million to map the geological potential of our entire country.

To get a comprehensive picture of our critical minerals and groundwater.

Strengthening our defence capabilities and economic security

In a world of rapid economic change and heightened strategic competition, investing in modern defence industries serves our economic and national security interests.

That’s why we’re injecting $50.3 billion over the decade to deliver the capabilities we need to keep Australians safe – as part of the National Defence Strategy.

We’re also boosting economic resilience and strengthening supply chains –

Giving Australian firms the chance to manufacture more of the next generation of solar panels –

Moving our nation along the critical minerals value chain through investing in battery production –

And backing the Australian creators of the world’s first commercial‑scale quantum computer.

Support for small business

In defence, in energy, in resources and right around our economy –

We want Australian small businesses to share in the big opportunities ahead as well.

That’s why we are extending the $20,000 instant asset write‑off until 30 June 2025.

Providing $290 million in cash flow support for up to 4 million small businesses.

And investing $625 million to help farmers and rural communities reduce emissions and better prepare for climate change and drought.

Expanding tertiary education

To seize the transformative opportunities of a more modern economy, we will expand the opportunity and reach of tertiary education to more Australians, in response to the Universities Accord.

Because it shouldn’t matter whether you live in the suburbs or the regions, whether your parents are rich or poor –

Whether you were born with disability or grew up with disadvantage –

Whether you’re a First Nations Australian or a first‑generation Australian –

The chance and the choice to go to university or TAFE should not be out of reach.

Tonight, we are setting a national target of 8 out of 10 workers achieving a tertiary qualification by 2050 and backing it in with new funding reforms to meet this goal.

We’re investing $350 million for fee‑free uni‑ready courses.

These courses give those who would have missed out on studying a degree, a foot in the door.

And we are paying students in critical sectors like nursing, teaching and social work to do the practical placements which are an important part of their studies.

We’re also investing $500 million in skills for priority industries like clean energy, construction, and manufacturing, and supporting women to build careers in these fields.

These landmark reforms will improve the quality, affordability and sustainability of the tertiary education system and drive lasting, transformative change for our students and our economy.

Strengthening Medicare and the care economy

One of the best and most important things about our country is the way we look out for each other and look after each other.

Our health system and our care economy are central to this.

That’s why, in this Budget we are:

  • Strengthening Medicare, and mental health.
  • Delivering better, stronger aged care.
  • Making the NDIS fairer and more sustainable.
  • And boosting wages in the care economy.

Strengthening Medicare

The purpose and promise of Medicare is world‑class healthcare every Australian can access and afford.

The foundation of that is bulk billing.

Bulk‑billing GPs in family medical centres.

And bulk billing consultations in our new Medicare Urgent Care Clinics.

Since June last year, almost 400,000 visits have been made to our 58 Clinics in suburbs and regions all over Australia.

Almost one in 3 visits have been for children under 15.

And because these clinics open early and close late, more than one in 3 visits were outside normal working hours.

In this Budget, we are allocating $227 million for a further 29 Medicare Urgent Care Clinics.

Taking pressure off emergency departments and making it easier for Australians to access free healthcare.

Making Medicare stronger means doing better on mental health too.

That’s why we’re investing $361 million to strengthen our mental health system.

Including new funding for a national digital mental health service that will provide free support to 150,000 Australians a year.

Better, stronger aged care

As more Australians live longer, healthier lives, demand for aged care services is growing – and the sort of care we need is changing.

We will invest another $2.2 billion in aged care and implement more of the Royal Commission.

Including $1.2 billion to improve systems so our aged care services remain accessible, up‑to‑date and reliable.

Ensuring dignity and security for older Australians means allowing people to choose the care that’s right for them – including staying in their own home.

That’s why we are investing $531 million for another 24,000 home care packages, giving more Australians that choice.

Making the NDIS fairer and more sustainable

Whether it’s aged care or the National Disability Insurance Scheme, we will work with the community and across the Parliament to fund the future services people need and deserve.

Over the last decade the NDIS has delivered life‑changing support for Australians with disability.

All of us in this place take pride in it – and all of us must take responsibility for securing its future.

Working with National Cabinet to put participants at the centre of the scheme, and design and fund additional foundational supports outside of it.

And ensuring every dollar invested in the NDIS goes to those who need it most.

Which is why we are providing $469 million to keep working with the disability community and the states and territories, and to crack down on fraud and exploitation.

Boosting care economy wages

This government is ensuring Australians can earn more and keep more of what they earn – in the care economy and in every industry.

We will ensure those who look after our kids as they learn, and our parents as they age, have the secure, well‑paid jobs they deserve.

We will fund a further increase in award wages for our aged care workers, building on the $11.3 billion we funded last year.

And we have provisioned for a wage increase for childcare workers as well.

This will help recruit and retain more early childhood educators, giving more Australian children the best start we can.

Broadening opportunity

Women’s equality and opportunity.

In childcare, aged care, and across the care economy, the majority of workers are women.

Lifting wages in these industries has helped bring the gender pay gap to a historic low.

Our government is the first in history with more than 50 per cent women – and we are 100 per cent committed to women’s equality, opportunity and safety.

Violence against women is a national shame – and it requires national action.

We’re delivering $925 million to establish the permanent Leaving Violence Program.

Which takes our total investment to address violence against women to $3.4 billion.

But we know there is more work for all of us to do.

And we are very proud that this Budget extends superannuation to parents on paid leave.

When it comes to those first months of your child’s life, you can’t put a price on being there.

And you shouldn’t pay a price for being there.

That’s why we’ve provided $1.1 billion to pay super on government‑funded Parental Leave.

This will make the super system fairer, reduce the gender gap and benefit 180,000 families a year.

And we’re providing another $56 million to improve access to women’s health services and $19 million to support carers to better choose how and when they work.

Supporting the most vulnerable

We know cost of living pressures fall heaviest on the most vulnerable.

New energy rebates and more rent assistance will help.

And we’re continuing the freeze on social security deeming rates until 30 June 2025, benefiting over 870,000 people, including 450,000 Age Pensioners.

For those who face additional barriers to finding work, we’re providing $41 million to further extend eligibility for the existing higher rate of JobSeeker.

So people who can only work up to 14 hours a week will see their payment increase at least $54.90 a fortnight.

Support for First Nations

We will also make new investments in health, housing, education, and jobs for Aboriginal and Torres Strait Islander people.

As well as more remote housing, we’re creating the new Remote Jobs and Economic Development Program.

With 3,000 new jobs in remote Australia to build new skills and new confidence within communities.

Responsible economic management

From delivering a tax cut to every taxpayer to reducing student debt or helping renters.

From new energy bill relief to the care economy to a Future Made in Australia.

We are easing pressure on Australians while investing in our people, our economy and our future.

At the same time as we strengthen the Budget and pay down debt.

Last year, our responsible economic management delivered the first surplus in 15 years.

We now expect another surplus, of $9.3 billion this year.

These would be the first back‑to‑back surpluses in nearly 2 decades.

But pressures on the Budget intensify after that, rather than ease.

We are expecting a deficit of $28.3 billion in 2024–25 –

But a stronger fiscal outcome in every year, compared to when we came to government.

On our watch, the Budget is $215 billion stronger over the 6 years to 2027–28.

Gross debt is now expected to peak at 35.2 per cent of GDP in 2026–27 before declining to 30.2 per cent by 2034–35.

This year gross debt will be $904 billion instead of the more than one trillion we inherited –

Meaning debt is $152 billion lower.

A stronger Budget means we save around $80 billion in interest costs over the decade.

These are the dividends of our responsible economic management.

We’ve found $27.9 billion in savings and reprioritisations in this Budget and $77.4 billion since the election.

We’re limiting real spending growth to an average of 1.4 per cent per year since we came to government, less than half the average of the last 30 years and around a third of the growth under our predecessors.

And we are banking 96 per cent of revenue upgrades this year – keeping pressure off inflation while it is still above band.

With Treasury now expecting we could get back to the inflation target this year, not next.

That means inflation is expected to be lower, sooner.

We’ve achieved all of this despite much smaller revenue upgrades.

And still providing an extra $3 billion to ensure Australians, including our veterans receive better essential services.

Economic security in a world of churn and change

The story of Australia is more than a tale of challenges we have endured.

And in our future, we must strive for more than muddling through or making do.

This Budget shows we are realistic about the pressures people face now – and optimistic about the future.

It reflects our biggest ambitions and our highest aspirations –

To make Australians the primary beneficiaries of a world of churn and change.

Tapping their confidence, compassion, and creativity –

To manage their pressures and maximise our advantages –

To forge a new economy and a new generation of prosperity.

And in that effort –

To make Australians and Australia more secure –

In the bigger opportunities we shape, and the future we make, together.

And that’s why I commend this Bill – and this Budget – to the House.

The Federal Register

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IMAGES

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COMMENTS

  1. In Search of a Theory of Budgeting: A Literature Review

    Budgeting is used throughout all types of organizations and is a significant topic of accounting research. In order to advance the discussion of the benefits and drawbacks of budgeting, future budgeting research will benefit from a comprehensive review of the theories used by previous budgeting researchers.

  2. A Collaborative Approach to Budgeting and the Impact on the Budgeting

    tool for strategic planning to provide management with crucial information towards reaching desired goals (Coulmas & Law, 2010). Budgets can also provide support for an organization to ... included in the entire budget process. Throughout this research consideration was given as to . 4 how the budget process was impacted through collaboration ...

  3. Difficulties of the Budgeting Process and Factors Leading to the

    This paper presents a synthesis of the studies on the difficulties of the budgeting process and the factors that determine nevertheless the adoption and use of this tool. ... Beyond budgeting or budgeting reconsidered? A survey of North-American budgeting practice. Management Accounting Research, Volume 21, Issue 1, p. 56-75. Available online ...

  4. Improving Project Budget Estimation Accuracy and Precision by Analyzing

    The project budget baseline can be described as the sum of the PE from the project cost management process and the contingency reserve for identified risks from the project risk management process. The management reserve is not included in the budget baseline, but it is included in the total project budget ( PMI, 2013 ).

  5. (PDF) An assessment of budgeting and budgetary controls ...

    University of South Africa, Pretoria, South Africa. Abstract. Purpose -The capacity to plan, manage and control small and medium-sized enterprises (SMEs) is critical to. realising their ...

  6. Budgeting Practices: Its Impact on the Profitability of Small and

    College of Business and Management, Isabela State University, Cauayan Campus, Cauayan City, Isabela, 3305, Philippines Received December 28, 2020; Revised March 9, 2021; Accepted Mar ch 29, 2021

  7. In Search of a Theory of Budgeting: A Literature Review

    Lohan (2013), following a comprehensive review of the literature, declared that budgeting is one of the most frequently researched topics in management accounting. Kenno et al. (2018) revealed ...

  8. Budget Development and Use in Small‐ and Medium‐Sized Enterprises: A

    Our study focuses on a key element of the management control system, operating budgets, because prior research on SMEs indicates this as an important and commonly used control tool in such companies. Prior research on budgeting practices, while extensive, has almost exclusively examined larger companies.

  9. The revival of zero‐based budgeting: drivers and consequences of firm

    Overall, since around 2010, ZBB has experienced what Abrahamson and Piazza call a rebirth of a management practice. Our aim in this paper is to examine this wave of adoptions in more detail. We are ... There is also a large body of budgeting research that looks at the consequences of adopting a particular approach to budgeting. Again, 'budget ...

  10. Budgeting as practice and knowing in action: experimenting with

    The present study aims to explore how various doings, strategic actions and power relations stemming from internal agents are instrumental in (re)constituting the different forms and meanings of budgeting in a specific field.,The paper uses a single-case study method based on a Sri Lankan public university.

  11. Behavioral-Experimental Public Budgeting and Financial Management: A

    Behavioral research in public budgeting and financial management ... Paper presented at the Public Management Research Conference, Chapel Hill, NC. Google Scholar. Levine C. (1978) "Organizational Decline and Cutback Management", Public Administration Review, 38(4):316-325.

  12. The journey of participatory budgeting: a systematic literature review

    This systematic literature review analyses the body of knowledge on the budgeting practice known as participatory budgeting (PB). This review identifies and analyses a dataset of 139 English-language papers focused on PB in the public sector published over three decades (1989-2019) in academic journals of different disciplines.

  13. PDF STRATEGIC BUDGETING AT COLLEGES AND UNIVERSITIES May 2020 James A ...

    HYATT: Strategic Budgeting at Colleges and Universities 2. CSHE Research & Occasional Paper Series. and accountability as to how funds are allocated within the university. In light of financial exigencies at a number of colleges and universities, state legislatures and accrediting agencies have demanded increased accountability.

  14. Research on Fine Decision-Making Management of Budget ...

    Based on the aforementioned literature, this paper assumes that budget relaxation is related to organization size and budget emphasis, and establishes the following model: $$ Slack\, = \,\alpha \, + \,\beta iXi\, + \,\varepsilon \, i\, = \,1,2, \ldots \, 7 $$ ... D. Yuannan, Research on the fine management of budget performance in higher ...

  15. PDF A Systematic Review of Budgeting and Budgetary Control in ...

    such that in preparing a budget, management of businesses must realize that it is indeed a part of the economic ... general budgets, administrative budget, research and development budgets among others. These budgets could be short term, intermediate or long term. The capital budget indicate the ... (Paper) ISSN 2222-2847 (Online) Vol.6, No.6 ...

  16. Budgeting Research: Three Theoretical Perspectives and Criteria for

    University of Pittsburgh. Joan L. Luft. Michael D. Shields. Michigan State University. Abstract: Budgeting is one of the most extensively researched topics in management. accounting and has been ...

  17. Research and Application of an Integrated Budget Management ...

    Budget management is the primary link of financial management, which determines the success or failure of government financial expenditure and its guiding role. ... Cite this paper. Cao, T. (2024). Research and Application of an Integrated Budget Management System for Provincial Financial Management. In: Kountchev, R., Patnaik, S., Nakamatsu, K ...

  18. A Comprehensive Review on Family Budget Management

    Any automated budget management system can help a family to utilize their incoming income in an efficient way. In this paper, we try to address the potential researches that were carried out considering the budget management related issues with a strong focus on family budget management. ... A total amount of 31 good research papers were picked ...

  19. Knowledge Management in Transition Economies: Selected Key ...

    Organizations and Markets in Emerging Economies, 1(1), 68-81. DOI: 10.15388/omee.2010.1.1.14306. The University of Auckland Business School Research Paper Series

  20. Budget 2024-25: Protecting and Growing the Future of Agriculture

    The Government has also committed $1.7 million to ensure the Australian Fisheries Management Authority can protect our northern waters from the growing threat of illegal fishing, which is a risk to our fishing industry, our biosecurity status, our environment and our border security. For more information head to the DAFF budget webpage.

  21. Advances in the Management of Solid Waste and Wastewater Treatment

    The authors annually evaluated the reduction in the use of water (2.5 10 5 tons), nitrogen (5.6 NH 3 -N tons), and carbon emissions (134 tons) through the reuse of treated sewage. Advances in the management of solid waste and wastewater treatment include landfilling, the composting of organic matter, reductions in greenhouse gas emissions and ...

  22. Strengthening Medicare and the care economy

    The Government is investing $2.8 billion to continue its commitment to strengthen Medicare. This includes the $1.2 billion package to address pressures facing the health system, which provides: $882.2 million to support older Australians avoid hospital admission, be discharged from hospital earlier and improve their transition out of hospital ...

  23. (PDF) BUDGET AND BUDGETARY CONTROL SYSTEMS AS A TOOL FOR ...

    PDF | On Apr 19, 2021, Irine Lumatete and others published BUDGET AND BUDGETARY CONTROL SYSTEMS AS A TOOL FOR DECISION MAKING IN AN ORGANIZATION: A CASE STUDY OF KENYA PUBLIC UNIVERSITIES | Find ...

  24. Fiscal Marksmanship of Child Budget and its Implications for ...

    Child Indicators Research - This paper analyses the nature and magnitude of fiscal marksmanship or budget forecasting errors in Child Budget in India by a case study of Karnataka State. ... J. F. (2020). Child responsive budgeting as a public finance management tool: A case of Karnataka, India. TTPI-Working Paper 14/20, Crawford School of ...

  25. Investing in a Future Made in Australia

    This Budget accelerates growth of new industries by establishing the $1.7 billion Future Made in Australia Innovation Fund and delivering a 10‑year extension of funding to the Australian Renewable Energy Agency. It also delivers the $44.4 million Energy Industry Jobs Plan and $134.2 million for skills and employment support in key regions.

  26. From Performance Budgeting to Performance Budget Management: Theory and

    Public Administration Review is the premier journal for public administration research, theory, and ... Search for more papers by this author. First published: 11 February ... It also proposes to reconceptualize performance budgeting as a performance budget management system and suggests how multiyear budget planning, financial risk ...

  27. AI Is Everybody's Business

    The three principles are based on the following concepts from MIT CISR data research: 1. Data liquidity: the ease of data asset recombination and reuse. 2. Data democracy: an organization that empowers employees in the access and use of data. 3. Data monetization: the generation of financial returns from data assets.

  28. Budget Speech 2024-25

    But pressures on the Budget intensify after that, rather than ease. We are expecting a deficit of $28.3 billion in 2024-25 -. But a stronger fiscal outcome in every year, compared to when we came to government. On our watch, the Budget is $215 billion stronger over the 6 years to 2027-28.

  29. Federal Register :: Proposed Information Collection Activity

    The Office of Planning, Research, and Evaluation (OPRE) in the Administration for Children and Families (ACF), U.S. Department of Health and Human Services (HHS) requests Office of Management and Budget (OMB) approval to modify and extend the approval of the ACF Behavioral Interventions to Advance Self-Sufficiency-Next Generation (BIAS-NG ...