2007-08 BUDGET PAPER No. 1
BUDGET STRATEGY
AND OUTLOOK
2007-08
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 2007-08
8 MAY 2007
© Commonwealth of Australia 2007
ISBN 1741 95686 2
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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 (GDP) deflator;
- the budget year refers to 2007-08, while the forward years refer to 2008-09, 2009-10 and 2010-11; 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
- -
- nil
- na
- not applicable (unless otherwise specified)
- (e)
- estimates (unless otherwise specified)
- (p)
- projections (unless otherwise specified)
- $m
- $ million
- $b
- $ billion
(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
- Victoria
- QLD
- Queensland
- WA
- Western Australia
- SA
- South Australia
- TAS
- Tasmania
- ACT
- Australian Capital Territory
- NT
- Northern Territory
(f) 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 2007-08 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.