26J Contents of fiscal strategy report: long-term objectives

(1)

The fiscal strategy report must—

(a)

state the Government’s long-term objectives for fiscal policy and, in particular, for the following variables:

(i)

total operating expenses:

(ii)

total operating revenues:

(iii)

the balance between total operating expenses and total operating revenues:

(iv)

the level of total debt:

(v)

the level of total net worth; and

(b)

explain how those long-term objectives accord with the principles of responsible fiscal management; and

(c)

state the period to which those long-term objectives relate (which must be a period of 10 or more consecutive financial years commencing with the financial year to which the fiscal strategy report relates).

(2)

The fiscal strategy report must also—

(a)

assess the consistency of the long-term objectives referred to in subsection (1)(a)—

(i)

with the long-term objectives in the most recent fiscal strategy report; or

(ii)

if the long-term objectives in the most recent fiscal strategy report were amended in the budget policy statement most recently prepared under section 26M, with the long-term objectives stated in the statement; and

(b)

if the long-term objectives referred to in subsection (1)(a) are not consistent with the long-term objectives in the most recent fiscal strategy report or in the budget policy statement most recently prepared under section 26M, justify the departure of the long-term objectives referred to in subsection (1)(a) from the long-term objectives in the most recent fiscal strategy report or in the statement.

Section 26J: inserted, on 25 January 2005, by section 7 of the Public Finance Amendment Act 2004 (2004 No 113).