Mid-Year Economic and Fiscal Outlook 1997-98
Foreword
The 1997-98 Mid-Year Economic and Fiscal Outlook (MYEFO) has been drafted in line with
the Charter of Budget Honesty Bill 1996, currently before the Parliament. The Charter
requires that, inter alia, the Government provide a report by the end of January each year
which provides updated information to allow the assessment of the Government’s fiscal
performance against its fiscal strategy.
Consistent with these requirements:
- Part I provides an overview of the economic and fiscal outlook.
- Part II discusses the economic forecasts which underpin the outlays and revenue
estimates.
- Part III provides details of the fiscal position and the factors influencing
outlays and revenue estimates.
- Appendix A provides details of decisions taken since the 1997-98 Budget which
affect outlays and revenue estimates.
- Appendix B provides a detailed description of general and specific risks to the
forward estimates.
- Appendix C discusses the sensitivity of the forward estimates to changes in
economic and other parameters.
- Appendix D discusses the budgetary impact of concessional taxation treatment of
specific groups and/or activities.
- Appendix E provides estimates for the Commonwealth general government sector and
Government Finance Statistics (GFS) tables.
- Appendix F explains how items have been classified in the MYEFO.
The MYEFO provides the first economic forecasts for the 1998-99 financial year and
their effect on the fiscal estimates.
