Financial Management Act 1994

A pre-election budget update comprises—

updated estimated financial statements for the Victorian general government sector for the financial year in respect of which they are prepared and the following 3 financial years;

a statement of the material economic and other assumptions that have been used in preparing the updated statements;

discussion of the sensitivity of the updated statements to changes in those economic and other assumptions;

a statement of the risks, quantified where feasible, that may have a material effect on the updated statements, including—

contingent liabilities;

publicly announced Government commitments that are not yet included in the updated statements.

The information in a pre-election budget update must take into account, to the fullest extent possible, all Government decisions and all other circumstances that may have a material effect on the estimated financial statements.

A pre-election budget update must be prepared on a basis consistent with—

the current financial policy objectives and strategies statement; and

the most recent estimated financial statements or budget update, as applicable.

If particular information required to be included in a pre-election budget update is unchanged from information set out in full in earlier estimated financial statements and accompanying statement or an earlier budget update, the pre-election budget update may instead summarise the information and state that it is unchanged from what was set out in the earlier statements or budget update.