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Fiscal policy - Coggle Diagram
Fiscal policy
government revenue
indirect taxes- tobacco, alcohol, fuel, luxury cars and fringe benefits tax
non-tax revenue- sale of goods and service, assets sales, interest and dividends
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taxes on individuals- personal income tax, capital gains, medicare levy
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government expenditure
goods and services- expenditure on health, defence, education, infrastructure and other services (GDP = C + I + G + NX
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transfer payments- welfare to individuals, subsidies to business, grant to other government (eg states) and foreign aid
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two types of discretionary fiscal policies (government introducing new programs to control economic activity)
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