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Australian Federal and State Budgets – An Overview

23

Queensland government attained its target of positive [balance]. . .in 1999- 2000, 2002-03 and 2003-04. . .[though not] in 2000-01 and 2001-02. The South Australian government attained its target in 2002-03 and 2003-04. . . The Western Australian government met its target. . . from 2000-01 onwards. 83

In 2005 New South Wales further consolidated its approach to financial management. In that year the Carr government obtained passage of the Fiscal Responsibility Act. The legislation prescribed 10 principles, and 5 targets, to form the basis of financial policy in the years following passage of the Act. The principles and targets are outlined in the accompanying tables:

NSW Fiscal Responsibility Act 2005: Principles84

Fiscal Principle No.1

Fiscal Principle No.2

Keeping the Budget and Forward Estimates in Surplus Constrained Growth in Net Cost of

Fiscal Principle No.3

Services and Expenses Managing Public Sector

Employee

Fiscal Principle No.4

Costs Evaluation Proposals

of

Capital

Expenditure

Fiscal Principle No.5

Fiscal Principle No.6

Managing State Finances with a View to Long-Term Fiscal Pressures Maintaining or Increasing General Government Net Sector Worth

Fiscal Principle No.7

Funding Liabilities

Employer

Superannuation

Fiscal Principle No.8 Fiscal Principle No.9 Fiscal Principle No.10

Total Asset Management Prudent Risk Management Tax Restraint

83

Carne, n.21, p.181.

84

See Fiscal Responsibility Act 2005 (NSW), sections 11-20.

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