2004-05 BUDGET PAPER No. 1

 

BUDGET STRATEGY

AND OUTLOOK

2004-05

 

CIRCULATED BY

THE HONOURABLE PETER COSTELLO MP

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 2004-05

11 MAY 2004

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© Commonwealth of Australia 2004

ISBN 1 74149 132 0

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Notes

1. 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 2004-05, while the forward years refer to 2005-06, 2006-07 and 2007-08; and
   • one billion is equal to one thousand million.
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:

NEC/nec	not elsewhere classified
AEST	Australian Eastern Standard Time
-	nil
na	not available
nfp	not for publication
(e)	estimates
(p)	projections
$m	$ million

5. 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

6. In this paper the term Commonwealth refers to the Commonwealth of Australia. The term is used when referring to the legal entity of the Commonwealth of Australia.

 

The term Australian Government is used when referring to the Government and the decisions and activities made by the Government on behalf of the Commonwealth of Australia.

Budget Strategy and Outlook 2004-05 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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