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Pre-Election Economic and Fiscal Outlook 2010

Date

Statement by the Deputy Prime Minister and Treasurer and the Minister for Finance and Deregulation

Consistent with the Charter of Budget Honesty Act 1998, we declare that we have disclosed to the Secretary to the Treasury and the Secretary to the Department of Finance and Deregulation all details of any Government decision, or any other circumstance, that we know about:

  1. that has, or could have, material fiscal or economic implications; and
  2. that neither of the responsible Secretaries could reasonably be expected to know about.

SIGNED

Wayne Swan
Deputy Prime Minister and Treasurer
19 July 2010

SIGNED

Lindsay Tanner
Minister for Finance and Deregulation
19 July 2010

 

Statement by the Secretary to the Treasury and the Secretary of the Department of Finance and Deregulation

Consistent with the Charter of Budget Honesty Act 1998, we declare that, to the fullest extent possible, the information in the Pre-Election Economic and Fiscal Outlook 2010 for which we are responsible:

  1. reflects the best professional judgment of the officers of the Treasury and the Department of Finance and Deregulation;
  2. takes into account all economic and fiscal information available; and
  3. incorporates the fiscal implications of Government decisions and circumstances disclosed by the responsible Ministers.

SIGNED

Ken Henry
Secretary to the Treasury
23 July 2010

SIGNED

David Tune
Secretary of the Department of Finance and Deregulation
23 July 2010

 

Notes

  1. The following definitions are used in the PEFO:
    • 'real' means adjusted for the effect of inflation;
    • real growth in expenses is measured by the Consumer Price Index (CPI) deflator;
    • one billion is equal to one thousand million; and
    • the Budget year refers to 2010-11, while the forward years refer to 2011-12, 2012-13 and 2013-14.
  2. Figures in tables and generally in the text have been rounded. Discrepancies in tables between totals and sums of components are due to rounding:
    • estimates under $100,000 are rounded to the nearest thousand;
    • estimates $100,000 and over are generally rounded to the nearest tenth of a million;
    • estimates midway between rounding points are rounded up; and
    • the percentage changes in statistical tables are calculated using unrounded data.
  3. For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.
  4. The following notations are used:
  5. NEC/nec
    not elsewhere classified
    -
    nil
    ..
    not zero but rounded to zero
    *
    The nature of this measure is such that a reliable estimate cannot be provided.
    na
    not applicable (unless otherwise specified)
    nfp
    not for publication
    (e)
    estimates
    (p)
    projections
    $m
    $ million
    $b
    $ billion
  6. The Australian Capital Territory and the Northern Territory are referred to as 'the Territories'. References to the 'States' or 'each State' include the territories. The following abbreviations are used for the names of the States, where appropriate:
  7. NSW
    New South Wales
    VIC
    Victoria
    QLD
    Queensland
    WA
    Western Australia
    SA
    South Australia
    TAS
    Tasmania
    ACT
    Australian Capital Territory
    NT
    Northern Territory