Financial Management Act 1996

The purposes of a financial policy objectives and strategies statement included in a proposed budget under section 11 (1) (a) are—

to make transparent the government’s financial strategies; and

to establish a benchmark for evaluating the government’s conduct of financial policy.

The statement must be based on the principles of responsible fiscal management.

The statement must—

state the government’s long-term financial objectives within which financial policy for the financial year and the next 3 financial years will be framed; and

explain the broad strategic priorities on which the budget is based; and

state the key financial measures that the government has identified as being important and against which financial policy will be set and assessed; and

state, for the financial year and the next 3 financial years—

the government’s short-term financial objectives; and

the targets for each stated key financial measure; and

explain how the financial objectives and strategic priorities mentioned in paragraphs (a), (b) and (d) relate to the principles of responsible fiscal management; and

state the reasons for any changes from the previous financial policy objectives and strategies statement.

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