Policy
Description

Labor will give the independent Parliamentary Budget Office ('PBO') an enhanced role in Australia’s macroeconomic reporting to promote stronger fiscal discipline and enhance transparency around Commonwealth Budgets. 

Under Labor, an enhanced Parliamentary Budget Office will:

  • prepare the macroeconomic forecasts that underpin all key Budget statements and updates;
  • prepare and publish the Intergenerational Report every five years;
  • prepare and publish an annual structural budget balance statement.

In addition to enhancing the PBO, a Shorten Labor Government will open an Australian Treasury outreach office in Perth to develop closer links with Australian businesses and boost engagement with the nations in our region. This is critical for a better understanding of the Australian economy as well as the challenges confronting different sectors, including the Western Australian economy.The Australian Treasury has some of the best and brightest minds and will benefit from being ‘on the ground’, working more closely with some of Australia’s biggest and most important companies, including resource, agriculture and service-oriented businesses.The office will have a dedicated number of Treasury staff and will be located in the Perth central business district. 

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