Extended April 2018 Economic and Fiscal Outlook

A correction has been made to the projection of the Budget 2018 Measure “Tax Support for Clean Energy” for the fiscal years 2024-25 to 2027-28. The fiscal outlook has been adjusted to reflect this change and the impact is not material.

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Extended April 2018 Economic and Fiscal Outlook.pdf

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EFO April 2018

In January 2018, the PBO provided guidelines about how it plans to implement the financial costing of election campaign proposals made by political parties during the 120 days before the 2019 general election.

Prior to the start of the pre-election period, in early June 2019, the PBO will publish a 10 year economic and fiscal outlook based on an update of its April 2019 Economic and Fiscal Outlook (EFO).

This outlook is intended to provide a more comprehensive fiscal planning framework and to more transparently account for the budgetary implications of multi-year spending commitments, such as defence procurement and infrastructure investments.

The extended outlook will include measures announced in Budget 2019. Similar to our Budget 2018 costing exercise, the PBO will also provide independent line-item costing of measures in Budget 2019 along with its 10 year outlook.

Political parties may choose to remove some, or all, of the costed Budget 2019 measures to construct their own fiscal planning frameworks.  In addition, political parties may choose to use the economic and fiscal projections in preparing their own cost estimates.

In preparation for the 2019 pre-election period, the PBO is taking this opportunity to produce an extended outlook and line-item costing. The PBO encourages parliamentarians and their political parties to provide feedback regarding this initiative.

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