It is considered medium priority if it satisfies only the first criterion. All other PAPs are low priority. Figure 1 is a diagram on these definitions. It is obviously hard to attain allocative efficiency and aggregate fiscal discipline if almost all PAPs are considered high priority. Australia, which appears to be considered internationally as being in the cutting edge of the successful application of forward estimates, has three forward years at present.
Net financing is equal to net borrowings plus net cash balance drawdown.