Statement: Budget Savings (Omnibus) Bill 2016 and Explanatory Memorandum


Statement from the Acting Secretary of the Treasury

Today the Budget Savings (Omnibus) Bill 2016 and Explanatory Memorandum were presented to the Parliament.

Page 5 of the explanatory memorandum sets out the financial impact table with the financial impact of the individual measures contained in the Bill.

In relation to measure No. 11 (Student start-up scholarships), the table correctly identifies the financial implication for each year but incorrectly states that the measure will save $405.6 million in total across the forward estimates.

The total across the forward estimates should be $298.1 million. The annual financial impact of Measure No. 11 was revised to reflect an updated start date.

The printed totals were not adjusted by Treasury accordingly.

The total impact of all the measures in the Bill should therefore read $5,996.6 million.

This was a computational error that arose in the Treasury.

Michael Brennan
Acting Secretary
The Treasury