FY2023 for Australia covers July 2022 through June 2023. The first quarter (FM1–FM3) is the budget activation window; the second quarter (FM4–FM6) is the first reforecast cycle; the third quarter (FM7–FM9) is the target-defence quarter; and the fourth (FM10–FM12) is the close-and-handoff quarter when audit walkthroughs begin and the FY2024 budget is finalised in parallel with the FY2023 close.