Document ID: chunk:federal_register_of_legislation:C2020C00126:clause:1_2
Version: federal_register_of_legislation:C2020C00126
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 5647–7936

2  Overview of obligations

Principles of sound fiscal management
 (1) The Government's fiscal strategy is to be based on the principles of sound fiscal management (see Part 3).

Fiscal strategy statements
 (2) The Government's fiscal strategy is to be set out in a fiscal strategy statement publicly released and tabled by the Treasurer with each budget (see Part 4).
Note 1: The first fiscal strategy statement for a particular Government may be publicly released and tabled before its first budget.
Note 2: A particular Government may publicly release and table a new fiscal strategy statement at any time.

Regular fiscal reporting
 (3) The Treasurer is to publicly release and table regular fiscal reports as follows:
 (a) there is to be a budget economic and fiscal outlook report with each budget (see Division 1 of Part 5);
 (b) there is to be a mid‑year economic and fiscal outlook report by the end of January in each year or within 6 months after the last budget, whichever is later (see Division 2 of Part 5);
 (c) there is to be a final budget outcome report within 3 months of the end of each financial year (see Division 3 of Part 5).

Intergenerational reports
 (4) The Treasurer is to publicly release and table an intergenerational report at least once every 5 years (see Part 6).

General elections—pre‑election report
 (5) The Secretaries of the Departments of the Treasury and Finance are to publicly release a pre‑election fiscal and economic outlook report if a general election is called (see Part 7).

General elections—policy costings
 (6) The Government, or the Opposition or the Leader of a minority party (if the Prime Minister agrees to refer the request), may ask the Secretaries of the Departments of the Treasury and Finance to prepare a costing of any of its publicly announced policies if a general election is called. The costing will then be publicly released (see Part 8).

Additional statements about Commonwealth stock and securities
 (7) In certain cases where the face value of Commonwealth stock and securities on issue has increased by $50 billion or more since a previous report or statement under the Charter of Budget Honesty, the Treasurer is to table a statement setting out reasons for the increase (see Part 9).

Part 2—Interpretation