BUDGET STRATEGY AND OUTLOOK

BUDGET PAPER NO. 1
2008‑09

CIRCULATED BY

THE HONOURABLE WAYNE SWAN MP

TREASURER OF THE COMMONWEALTH OF AUSTRALIA

AND

THE HONOURABLE LINDSAY TANNER MP

MINISTER FOR FINANCE AND DEREGULATION
OF THE COMMONWEALTH OF AUSTRALIA

FOR THE INFORMATION OF HONOURABLE MEMBERS
ON THE OCCASION OF THE BUDGET 2008‑09

13 MAY 2008

ISBN 978-0-642-74451-7

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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 (GDP) deflator;
the budget year refers to 2008‑09, while the forward years refer to 2009‑10, 2010‑11 and 2011‑12; 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.

(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 2008‑09 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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