Abstract: The Commonwealth of Australia has a consummate budget reporting system. One of the most important is the annual budget report at the beginning of the fiscal year including eight parts: budget speech, budget at glance, budget overview, budget strategy and outlook, budget measures, Australia’s federal relations, agency resourcing, and appropriation bills. These budget papers are comprehensive, result-oriented, medium term planning, and reader-friendly. They provide helpful experiences for China and we could promote open and transparent budget information by improving our annual budget report with four stages, which will create conditions for people to oversee and criticize the government.