Australian Government, 2011‑12 Budget
Budget

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BUDGET STRATEGY AND OUTLOOK

BUDGET PAPER NO. 1
2011‑12

CIRCULATED BY

THE HONOURABLE WAYNE SWAN MP

DEPUTY PRIME MINISTER AND TREASURER
OF THE COMMONWEALTH OF AUSTRALIA

AND

SENATOR THE HONOURABLE PENNY WONG

MINISTER FOR FINANCE AND DEREGULATION
OF THE COMMONWEALTH OF AUSTRALIA

FOR THE INFORMATION OF HONOURABLE MEMBERS
ON THE OCCASION OF THE BUDGET 2011‑12

10 MAY 2011


ISBN 978‑0‑642‑74687‑0

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With the exception of the Commonwealth Coat of Arms (see below); the Budget logo; Statement 1: Budget Overview; Statement 2: Economic Outlook; Statement 3: Fiscal Strategy and Outlook; Statement 4: Opportunities and Challenges of an Economy in Transition, Statement 7: Asset and Liability Management, all material in this publication is licensed under a Creative Commons Attribution 3.0 Australia Licence.

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Publication Title: 2011‑12 Australian Government Budget — Budget Paper No. 1.

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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 and payments is calculated using the Consumer Price Index (CPI) as the deflator;
  • the Budget year refers to 2011‑12, while the forward years refer to 2012‑13, 2013‑14 and 2014‑15; 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 Paper No. 1: Budget Strategy and Outlook 2011‑12 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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