The Budget will be released at approximately 7.30pm (AEST) on Tuesday 3 May 2016. Which is when the Treasurer, Scott Morrison, starts his second reading speech.
The Federal Government presents the Budget papers and other documents, which is then summarised by the Treasurer during his speech.
The speech runs for about half an hour.
During the speech the Treasurer will detail whether the Budget is:
- In balance, where the amount spent is equal to earnings for the financial year;
- In surplus, where earnings are greater than spending for the financial year
- In deficit, where spending is greater than earnings for the financial year.
There’s even a clock available with links to Australian Treasury’s social media accounts.
CommBank also has a 60 second guide to the Budget to help guide you through.