The Mid-Year Economic and Fiscal Outlook 2019-20 (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 2019 Pre-election Economic and Fiscal Outlook (PEFO).
Part 4: Debt statement — provides information on current and projected Government debt
Part 5: Forecast uncertainties, sensitivities and scenarios — provides details of the historical performance of Budget forecasts and presents a number of scenarios seeking to illustrate the sensitivity of budget aggregates to changes in economic forecasts and projections and some underlying assumptions
Part 6: 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
Part 7: Australian Government Budget Financial Statements — provides financial statements for the general government, public non-financial corporations and total non-financial public sectors
Appendix A: Policy decisions taken since the 2019 PEFO — provides details of decisions taken since the 2019 PEFO that affect revenue, expense and capital estimates
Appendix B: Supplementary expense tables and the Contingency Reserve — provides estimates of general government expenses by function and sub-function and outlines the role of the Contingency Reserve
Appendix C: Australia’s federal relations — provides information on payments for specific purposes and general revenue assistance provided to the states and territories
Appendix D: Tax benchmarks and variations — provides information on the largest measured Australian Government tax benchmark variations
Appendix E: Historical Australian Government data — provides historical data for the Australian Government’s key fiscal aggregates
The last published update of economic forecasts and fiscal estimates was at the 2019 Pre-election Economic and Fiscal Outlook (PEFO), released jointly by the Treasury and the Department of Finance on 17 April 2019. The economic forecasts were unchanged since the 2019-20 Budget and the fiscal estimates did not change materially in the 2019 PEFO. In some instances, 2019 PEFO forecasts and estimates referenced in this document are identical to those published at the 2019-20 Budget.