Australian Government, 2011‑12 Budget
Budget

Foreword

The Mid‑Year Economic and Fiscal Outlook 2011‑12 (MYEFO) has been prepared in accordance with the Charter of Budget Honesty Act 1998. The Charter requires that the Government provide a mid‑year budget report which provides updated information to allow the assessment of the Government's fiscal performance against its fiscal strategy.

Consistent with these requirements:

  • Part 1: Overview — contains summary information on the key fiscal and economic indicators and outlook.
  • Part 2: Economic outlook — discusses the domestic and international economic forecasts that underpin the budget estimates.
  • Part 3: Fiscal strategy and outlook — provides a discussion of the fiscal strategy and outlook, in addition to a summary of the factors explaining variations in the cash flow statement, the operating statement and the balance sheet since the 2011‑12 Budget. This part also discusses the sensitivity of the forward budget estimates to changes in major economic parameters, expenses by function and tax expenditures.
  • Appendix A: Policy decisions taken since the 2011‑12 Budget — provides details of decisions taken since the 2011‑12 Budget that affect revenue, expense and capital estimates.
  • Appendix B: Australian Government Budget Financial Statements — provides financial statements for the general government, public non‑financial corporations and total non‑financial public sectors.
  • Appendix C: Statement of risks — provides details of general developments or specific events that may have an impact on the fiscal position, and contingent liabilities which are costs the government may possibly face, some of which are quantified.
  • Appendix D: Historical Australian Government data — provides historical data for the Australian Government's key fiscal aggregates.

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