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The first parliamentary audits for the 22nd National Assembly are coming to an end, a clash between the ruling and opposition parties is expected over the 2025 budget.
The first parliamentary audits for the 22nd National Assembly have entered their final stage. The parliamentary audits, which began on October 7, will be concluded after the scheduled audits of the standing committees (the House Steering Committee, the Intelligence Committee, and the Gender Equality and Family Committee) take place this week.
The parliamentary audits are widely regarded as having been overshadowed by political strife, primarily due to intense conflicts among the President’s office, the opposition, and the ruling parties. Political disputes were evident across most committee audits. As a result, the current issues affecting public welfare and those related to the audited organizations largely subjected to audit did not receive due attention.
The National Assembly will commence work on next year’s national budget after the House Steering Committee completes its final audit of the President’s office on November 1.
On October 27, the National Assembly stated that the Special Committee on Budget and Accounts will begin deliberating budget proposals on October 31, starting with public hearings on budget bills and draft fund management plans for 2025. The government has submitted budget proposals totaling KRW 677. 4 trillion to the National Assembly.
Following the public hearing, the Special Committee will hold a plenary session and conduct an interpellation on general policies on November 7 and 8.
On November 11 and 12, the committee will deliberate on economic-related ministries, such as the Ministry of Economy and Finance and the Ministry of Land, Infrastructure and Transport. Deliberations on non-economic ministries, including the Ministry of Education and the Ministry of Justice, will follow on November 13 and 14.
After six days of deliberation, the Special Committee will convene the Subcommittee on Adjustment of Budget Proposals on November 18 to discuss budget increases or reductions. A general meeting will follow on November 29 to finalize the 2025 national budget.
Difficulties in budget deliberation are expected due to ongoing intense conflicts between political parties. As a result, there is already speculation that the processing of the budget bill will exceed the legal deadline, which is on December 2. Last year, the ruling party and the opposition parties finalized the national budget on December 21, 19 days past the legal deadline.
As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business Report since August 2019. The October 2024 issue of the P&B Report conducted a full inspection of legislation proposed to the National Assembly Subcommittee, Standing Committee, and Plenary Session from the opening of the 22nd National Assembly on September 15, 2024, to October 14, 2024, and selected and analyzed legislation with significant impact on corporate activities. In the case of major legislation, key mentions of legislators, members of the Standing Committee, and government officials are included.
*DR & AJU Legislation & Government Relations Consulting Center provides P&B Report subscription service. Please contact us at Ic@draju.com for further inquiries.
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