PERFORMANCE INFORMATION FOR OUTCOME 1

Effectiveness—Overall Achievement of the Outcome

The primary objective of the Government's medium-term fiscal strategy is to achieve fiscal balance on average, over the course of the economic cycle. The fiscal strategy incorporates the following supplementary fiscal targets:

• maintaining fiscal surpluses over the forward estimates period while economic growth prospects remain sound;

Not met—Fiscal deficits are estimated for 2001–02 and 2002–03.

• no increase in overall tax burden from its 1996–97 level;

Achieved—Refer to Budget Paper No 1 Budget Strategy and Outlook 2001–02, p. 11–13, Table A1, which indicates that Commonwealth General Government Sector Cash Revenue1 as a percentage of GDP has decreased from 24.4 per cent (1996-97)2 to 21.8 per cent (2000–01)3.

• improving the Commonwealth's net assets position over the medium to longer term.

Achieved—the net asset position of the Commonwealth improved by an estimated $6.6 billion in 2000–01, based on preliminary unaudited Consolidated Financial Statements.

Utility of Budget documentation and briefings for Budget decision making assessed by customer as excellent or above average.

Achieved—Finance produced high quality briefings and documentation that met the expectations of the Minister for Finance and Administration and other Senior Ministers.