Government budget and fiscal targets are based on the Government Finance Statistics (GFS) framework circulated by the Australian Bureau of Statistics.
Financial information on a GFS basis is presented in the annual budget, mid-year budget review and budget outcomes reports in accordance with the Uniform Presentation Framework (UPF) agreed by the Commonwealth and all state and territory governments.
Six distinct budget papers are produced each year:
Budget paper 1: budget overviewA summary publication capturing highlights and initiatives from the budget.
Budget paper 2: budget speech
A copy of the Treasurer’s speech delivered to parliament.
Budget paper 3: budget statement
A financial report presenting the state government’s current and estimated future economic performance, fiscal strategy, budget priorities, expenditure, revenue, assets, liabilities, risks and government business.
Budget paper 4: agency statements
Financial reports presenting the state government’s current and estimated revenue, expenses and performance by agency.
Budget paper 5: capital investment statement
A financial report detailing the state government’s current and estimated capital investment program by agency.
Budget paper 6: budget measures statement
A financial report detailing the state government’s expenditure, savings and revenue initiatives.
Final budget outcome and consolidated financial report
The final budget outcome reports the financial results for the state government’s key fiscal targets and provides an analysis of these results against earlier estimates.
The consolidated financial report presents the financial results for the general government sector and the whole of government in accordance with accounting standard AASB 1049.
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