Pre-election Economic and Fiscal Outlook

The Charter of Budget Honesty Act 1998 [External Site] requires the Secretaries to the Treasury and the Department of Finance to release a pre-election report that provides updated information on the economic and fiscal outlook. The Pre-election Economic and Fiscal Outlook (PEFO) report must be released within ten days of the issue of the writ for a general election.

The PEFO report is an independent report by the Secretaries.

The PEFO report includes the following information:

  • updated Commonwealth budget sector and Commonwealth general government sector fiscal estimates for the current financial year and the following three financial years including a summary of measures since Budget [External Site] MYEFO;
  • the economic and other assumptions for the current financial year and the following three financial years that have been used in preparing those updated fiscal estimates;
  • discussion as to the sensitivity of those updated fiscal estimates to changes in economic and other assumptions;
  • an updated statement of the risks, quantified where feasible, that may have a material effect on the fiscal outlook, including contingent liabilities; publicly announced Government commitments that are not yet included in the fiscal outlook; and Government negotiations that have yet to be finalised.

In preparing the PEFO report, the Secretary to the Department of the Treasury is responsible for information relating to revenue estimates and tax expenditures and the Secretary to the Department of Finance is responsible for information relating to expense estimates.

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Contact for information on this page: BCU@finance.gov.au