Pre-election Economic and Fiscal Outlook 2025

The Charter of Budget Honesty Act 1998 requires the Treasury Secretary and the Finance Secretary to jointly publicly release a Pre-election Economic and Fiscal Outlook report (PEFO) within 10 days of the issue of the writs for a federal election. These were issued on 31 March 2025.

The purpose of the PEFO is to provide updated information on the economic and fiscal outlook.

Information included in the 2025 PEFO

The 2025 PEFO includes:

• the Government’s spending and income for the current financial year (2024–25) and the next four years (2025–26 to 2028–29)
• the economic and other assumptions, including economic growth, employment and inflation, used in preparing this financial information
• a discussion of how the Government’s financial situation could change in response to changes in those assumptions
• Government debt aggregates
• financial statements and reporting standards (Appendix A)
• Government decisions made since the 2025–26 Budget (Appendix B)
• the risks that could impact future financial outcomes (Appendix C).

Summary of unchanged information

If some information required in the 2025 PEFO is the same as that contained in the 2025–26 Budget, the PEFO summarises it instead of repeating it in full.