The Treasury’s domestic economic role includes:
- monitoring and assessing Australian economic conditions and prospects
- providing advice on current and prospective conditions in the Australian economy and
- providing economic forecasts, and parameters which inform budget estimates of revenue and expenditure.
Statistical data regarding the domestic economy, such as national accounts, labour force and CPI figures, can be found on the Australian Bureau of Statistics website.
Joint Economic Forecasting Group
The JEFG Committee meets three times a year to discuss the domestic and global outlook with an informal update round conducted in June. A JEFG Report is prepared by Treasury in consultation with the other partners. The report provides Treasury’s assessment of the domestic and global outlook, including its revised economic forecasts.
To help inform public discussion and debate, the JEFG reports are released after a period of 2½ years, starting with the March quarter 2008 Report.
The JEFG Committee consists of Treasury, the Reserve Bank of Australia, the Department of the Prime Minister and Cabinet, the Department of Finance and Deregulation and the Australian Bureau of Statistics.
Pre-Election Economic and Fiscal Outlook
The Pre-Election Economic and Fiscal Outlook report is required to be released within ten days of a writ for a general election.
The information in the report takes into account, to the fullest extent possible, all Government decisions made before the issue of the writ and all other circumstances that may have a material effect on the fiscal and economic outlook.