The coronavirus crisis is having profound and widespread implications, including for government…

• The coronavirus crisis is having profound and widespread implications, including for government finances. Explain how the government is reacting to the pandemic with fiscal policy measures; the nature of those measures and how they are directed at providing assistance; how the measures will help economic recovery; and what are their implications for the current and future financial position of the government, and for future generations. o You may address this topic in the context of the situation in Australia, or of that in your home country • In devising their taxation and expenditure policies and programs, and in settling on their objectives for the budget balance and levels of public debt, governments should have regard for the interests of future generations. • The emphasis on the performance of governments, government agencies and officials in managing public finances has led to better, overall outcomes,but the arrangements in place by the Commonwealth for performance budgeting could be improved. • The revenue raising rights of the Commonwealth Government, relative to those of the States and Territories, are too extensive; its expenditure responsibilities should be limited; some of its taxes transferred to the States; and the means by which it transfers funds to the State and Territory governments should be changed • The framework for government procurement is too onerous and has developed into an unclear combination of efficiency, accountability and social objectives. Government agencies and officials should have more freedom in taking procurement actions. • There are some important benefits from and needs for resource rich countries like Australia to establish sovereign wealth funds, but also some drawbacks for these countries. • Internal and external auditing of both of the financial and program deliveryactivities of government agencies is important to ensure better performance, transparency and accountability. • The NPP formulation, submission and review process is too lengthy and demanding on “spending agencies”. Changes to the process and less burdensome submission requirements should be introduced. (Specify any changes you think should be made.) • Adherence to the four key governance principles (transparency, accountability, predictability and participation) when managing government finances, including when setting tax and

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