Financial Management Act 1994

A financial policy objectives and strategies statement must—

specify the Government's long-term financial objectives within which financial policy for the financial year to which the budget or budget update relates and the following 3 financial years will be framed;

explain the broad strategic priorities on which the budget or budget update is based;

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

specify, for the financial year to which the budget or budget update relates and the following 3 financial years—

the Government's short-term financial objectives;

the targets for each specified key financial measure;

explain how the financial objectives and strategic priorities specified or explained in paragraphs (a), (b) and (d) relate to the principles of sound financial management;

specify any financial policy actions taken or to be taken by the Government that are temporary in nature, state the reasons for taking them and indicate the process for their revision;

identify the reporting basis on which subsequent Government financial reports will be prepared;

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

A financial policy objectives and strategies statement must be based on the principles of sound financial management.

If particular information required to be included in a financial policy objectives and strategies statement is unchanged from information set out in full in an earlier statement, the statement may instead summarise the information and state that it is unchanged from what was set out in the earlier statement.