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MID-YEAR ECONOMIC AND FISCAL OUTLOOK 2001-02

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MID-YEAR ECONOMIC AND FISCAL OUTLOOK
2001-02

STATEMENT BY
THE HONOURABLE PETER COSTELLO, M.P.
TREASURER OF THE COMMONWEALTH OF AUSTRALIA, AND
THE HONOURABLE JOHN FAHEY, M.P.
MINISTER FOR FINANCE AND ADMINISTRATION

October 2001

© Commonwealth of Australia 2001

ISBN 0 642 74088 7

This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Commonwealth available from Info Products. Requests and inquiries concerning reproduction and rights should be addressed to the Manager, Legislative Services, Info Products, Finance, GPO Box 1920, Canberra ACT 2601.

Foreword

The 2001-02 Mid-Year Economic and Fiscal Outlook (MYEFO) has been prepared in accordance with the Charter of Budget Honesty Act 1998. The Charter requires that the Government provide a mid-year budget report which provides updated information to allow the assessment of the Government's fiscal performance against its fiscal strategy.

Consistent with these requirements:

· Part I: Overview - contains summary information on the key fiscal and economic indicators.

· Part II: Economic outlook - discusses the domestic and international economic forecasts that underpin the budget estimates.

· Part III: Fiscal outlook - provides a discussion of the budget outlook and a summary of the factors explaining variations in the operating statement, balance sheet and cash flow statement since the 2001-02 Budget.

· Appendix A: Government Finance Statistics (GFS) statements - provides the general government and consolidated whole of government financial statements on a GFS basis, consistent with the accrual Uniform Presentation Framework.

· Appendix B: AAS31 Financial Reporting by Government statements - provides AAS31 statements and notes to the financial statements.

· Appendix C: Sensitivity of fiscal aggregates to economic developments and statement of risks - discusses the sensitivity of the forward budget estimates to changes in economic and other parameters and provides the statement of fiscal risks.

· Appendix D: External reporting standards and budget concepts - provides a discussion of key budget concepts relevant to the MYEFO and the external reporting standards upon which the MYEFO is based.

· Appendix E: Historical fiscal data - provides historical data for the Commonwealth's key fiscal aggregates.

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