BUDGET PAPER NO. 2
THE HONOURABLE WAYNE SWAN MP
DEPUTY PRIME MINISTER AND TREASURER
OF THE COMMONWEALTH OF AUSTRALIA
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
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Budget Paper No. 2, Budget Measures 2011‑12 ensures that the Budget Papers provide comprehensive information on all Government decisions that involve changes to its revenue, expense and investing activities since the Mid‑Year Economic and Fiscal Outlook 2010‑11.
Budget Paper No. 2 comprises three parts:
Revenue measures are defined as those measures that affect taxation or non‑taxation revenues (on a Government Finance Statistics basis).
Expense measures are defined as those measures that affect expenses (on a Government Finance Statistics basis).
Capital measures are defined as those measures that affect net capital investment, defined as the change in non‑financial assets. Capital measures that fall outside of this definition, such as equity injections or loans used for purposes other than investment in non‑financial assets, are shown as having a zero impact on the fiscal balance.
(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 Consumer Price Index (CPI);
- 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.
(c) For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.
(d) The following notations are used:
- The nature of this measure is such that a reliable estimate cannot be provided.
- Council of Australian Governments
- not elsewhere classified
- Australian Eastern Standard Time
- not zero, but rounded to zero
- not available
- not for publication
- $ 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:
- New South Wales
- Western Australia
- South Australia
- Australian Capital Territory
- 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. 2, Budget Measures 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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