What is involved in the budget process?
The following steps are taken in the lead up to the presentation of the budget to Parliament. Pre-budget Submissions (August – November): The Treasurer issues a press release calling for pre-budget submissions from interested parties. Strategic Budget Committee (SBC) (November/December): At SBC, portfolio ministers’ new proposals and expected major pressures on agency budgets are considered, and priorities for the coming budget are established. The ministers who usually attend SBC are the Prime Minister, the Deputy Prime Minister, the Treasurer and the Minister for Finance and Deregulation. Portfolio Budget Submissions (February): To seek funding for new policy proposals, agencies prepare Portfolio Budget Submissions based on the outcome of SBC. The submissions outline all major proposals that agencies wish to have funded and potential savings. Expenditure Review Committee (ERC) (March): This sub‑committee of Cabinet is primarily responsible for developing the Budget against the backgr
