Mid-year economic and fiscal outlook 2016-17

The Mid-Year Economic and Fiscal Outlook 2016-17 (MYEFO) has been prepared in accordance with the Charter of Budget Honesty Act 1998. The Charter requires that the Government provide a mid-year budget report which provides updated information on the Government’s fiscal position. Consistent with these requirements: Part 1: Overview — contains summary information on the key fiscal and economic indicators and outlook. Part 2: Economic outlook — discusses the domestic and international economic forecasts and projections that underpin the budget estimates. Part 3: Fiscal strategy and outlook — provides a discussion of the fiscal strategy and outlook, in addition to a summary of the factors explaining variations in the cash flow statement, the operating statement and the balance sheet since the 2016 Pre-election Economic and Fiscal Outlook (PEFO). This part includes discussion of the sensitivity of the budget estimates to changes in economic parameters, confidence intervals around forecasts, expenses by function, tax expenditures, payments to the States, and a debt statement. Appendix A: Policy decisions taken since the 2016 PEFO — provides details of decisions taken since the 2016 PEFO that affect revenue, expense and capital estimates. Appendix B: Australian Government Budget Financial Statements — provides financial statements for the general government, public non-financial corporations and total non-financial public sectors. Appendix C: Statement of risks — provides details of general developments or specific events that may have an impact on the fiscal position, and contingent liabilities which are costs the government may possibly face, some of which are quantified. Appendix D: Historical Australian Government data — provides historical data for the Australian Government’s key fiscal aggregates