Document ID: chunk:federal_register_of_legislation:C2020C00126:clause:1_12
Version: federal_register_of_legislation:C2020C00126
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 16392–18109

12  Contents of budget economic and fiscal outlook report
 (1) A budget economic and fiscal outlook report is to contain the following information:
 (a) Commonwealth budget sector and Commonwealth general government sector fiscal estimates for the budget year and the following 3 financial years;
 (b) the economic and other assumptions for the budget year and the following 3 financial years that have been used in preparing those fiscal estimates;
 (c) discussion of the sensitivity of those fiscal estimates to changes in those economic and other assumptions;
 (d) an overview of the estimated tax expenditures for the budget year and the following 3 financial years;
 (e) a statement of the risks, quantified where feasible, that may have a material effect on the fiscal outlook, including:
 (i) contingent liabilities; and
 (ii) publicly announced Government commitments that are not yet included in the fiscal estimates referred to in paragraph (a); and
 (iii) Government negotiations that have yet to be finalised;
 (f) a debt statement.
 (2) The information in the report is to take into account, to the fullest extent possible, all Government decisions and all other circumstances that may have a material effect on the fiscal and economic outlook.
 (3) The report is to:
 (a) be based on external reporting standards; and
 (b) identify, in general terms, the external reporting standards on which it is based and any ways in which the report departs from those standards.
 (4) The report does not have to include information that the Treasurer considers should not be included because:
 (a) it is confidential commercial information; or
 (b) its disclosure in the report could prejudice national security.