MID-YEAR ECONOMIC AND FISCAL OUTLOOK
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
© Commonwealth of Australia 2012
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- The following definitions are used in this Mid-year Fiscal and Economic Outlook (MYEFO):
- 'real' means adjusted for the effect of inflation;
- real growth in expenses and payments is calculated by the Consumer Price Index (CPI) as the deflator;
- the Budget year refers to 2012‑13, while the forward years refer to 2013‑14, 2014‑15 and 2015‑16; and
- one billion is equal to one thousand million.
- 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.
- For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.
- The following notations are used:
- not applicable (unless otherwise specified)
- millions of dollars
- billions of dollars
- not for publication
- estimates (unless otherwise specified)
- projections (unless otherwise specified)
- not elsewhere classified
- 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
- 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.
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