2003-04 BUDGET PAPER No. 1
BUDGET STRATEGY
AND OUTLOOK
2003-04

CIRCULATED BY
THE HONOURABLE PETER COSTELLO, M.P.,
TREASURER OF THE COMMONWEALTH OF AUSTRALIA, AND
SENATOR THE HONOURABLE NICK MINCHIN,
MINISTER FOR FINANCE AND ADMINISTRATION,
FOR THE INFORMATION OF HONOURABLE MEMBERS
ON THE OCCASION OF THE BUDGET 2003-04
13 MAY 2003

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© Commonwealth of Australia 2003

ISBN 1 74118 885 7

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Notes

(a) The following definitions are used in this Budget Paper:

• 'real' means adjusted for the effect of inflation;

• real growth in expenses is measured by the non-farm Gross Domestic Product deflator;

• Budget year refers to 2003-04, while the forward years refer to 2004-05, 2005-06 and 2006-07; and

• one billion is equal to one thousand million.

(b) 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.

(c) For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.

(d) The following notations are used:

NEC/nec	not elsewhere classified
AEST	Australian Eastern Standard Time
-	nil
..	not zero, but rounded to zero
na	not available
nfp	not for publication
$m	$ million

(e) 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:

NSW	New South Wales
VIC/Vic	Victoria
QLD/Qld	Queensland
WA	Western Australia
SA	South Australia
TAS/Tas	Tasmania
ACT	Australian Capital Territory
NT	Northern Territory

Budget Strategy and Outlook 2003-04 is one of a series of Budget Papers that provides information to supplement the Budget Speech. A full list of the series is printed on the inside cover of this paper.

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