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# **Table A1.2: Australia (Cont.)**

|**Political**<br>**Units**|**Date**|**Procedural Rules and Transparency Requirements**|**Numerical Targets**|**Escape**<br>**Clauses**|<br>**Sanctions**|
|---|---|---|---|---|---|
|**Tasmania**|1990<br>2007|**Financial Management and Audit Act 1990:**<br>•The Treasurer is to publish in the Gazette a report, the half-yearly report, and<br>an audited annual report which include the original estimates of budget, results<br>in respect of the major Government Finance Statistics statements as reported by<br>the Australian Bureau of Statistics, and explanation of significant deviations.<br>The annual report should be laid before each House of Parliament and copies<br>should be available to the public.<br>**Charter of Budget Responsibility Act 2007:**<br>• The Treasurer is to publicly announce and table the first fiscal strategy<br>statement for a particular Government at or before the time of the Government's<br>first budget. It may be changed at any time by announcing and tabling a new<br>fiscal strategy statement. Such strategy should establish a benchmark for<br>evaluating the Government's fiscal performance by specifying:<br>(1) the long-term objectives within which budgets will be framed,<br>(2) the key fiscal measures against which fiscal policy will be set and assessed,<br>(3) the fiscal objectives and targets for the budget year and the following 3<br>financial years,<br>(4) How the fiscal objectives and strategic priorities relate to the principles of<br>sound fiscal management.<br>• The Leader of an Opposition party is to publicly announce a fiscal strategy<br>statement, and provide a copy of the statement to the Secretary, within 15 days<br>of the issue of a writ for an election for the House of Assembly.<br>• Pre-election financial outlook report should be prepared.|**Charter of Budget Responsibility Act 2007:**<br>•No specific numerical rules and targets. The<br>principles of sound financial management are<br>to<br>(a) ensure transparency and accountability in<br>developing, implementing and reporting on<br>fiscal objectives; and<br>(b) ensure the efficient and effective<br>allocation and sustainable use of resources in<br>achieving objectives; and<br>(c) ensure that policy decisions have regard to<br>their financial effects on future generations;<br>and<br>(d) formulate spending and taxation policies<br>that ensure a reasonable degree of equity,<br>stability and predictability; and<br>(e) manage financial risks prudently|N/A|•Reputational|
|**Victoria**|2000|**Financial Management Act 1994, amended in 2000:**<br>•The act establishes a budgeting and reporting framework for sound public<br>financial management. It specifies the purposes and contents of each government<br>documents including the financial policy objectives and strategies statements,<br>quarterly financial reports, mid-year reports, audited annual financial reports and<br>budget update and requires the documents to be transmitted to or laid before<br>each house of the Parliament on or before pre-specified date. The financial<br>policy objectives statement should specify the financial objectives and targets of<br>current year as well as those of three following years.|**Financial Management Act 1994, amended**<br>**in 2000:**<br>•No specific numerical rules and targets. The<br>principles are laid out to ensure sound<br>financial management including prudent<br>management of financial risks faced by the<br>State, having regard to economic<br>circumstances; pursuing spending and taxing<br>policies that can maintain a reasonable degree<br>of stability and predictability in the tax<br>burden level; maintaining the integrity of the<br>Victorian tax system; taking into account the<br>impact of policy decisions on future<br>generations; and providing full, accurate and<br>timely disclosure of financial information<br>relating to the Government and its agencies.|N/A|•Reputational|