New Zealand Legislation: Acts

26K Contents of fiscal strategy report: short-term intentions

• (1) The fiscal strategy report must, for the financial year to which the report relates and at least the next 2 financial years, indicate explicitly, by the use of ranges, ratios, or other means, the Government's short-term intentions for each of the variables specified in section 26J(1)(a).

  (2) The fiscal strategy report must—

  • (a) assess the consistency of the short-term intentions referred to in subsection (1) with—

    • (i) the principles of responsible fiscal management; and

    • (ii) the long-term objectives referred to in section 26J(1)(a); and

  • (b) if those short-term intentions are not consistent with the principles of responsible fiscal management or with the long-term objectives referred to in section 26J(1)(a) or with both, state—

    • (i) the reasons for the departure of those short-term intentions from those principles or from those long-term objectives or from both; and

    • (ii) the approach the Government intends to take to ensure that those short-term intentions become consistent with those principles and those long-term objectives; and

    • (iii) the period of time that is expected to elapse before those short-term intentions become consistent with those principles and those long-term objectives.

  (3) The fiscal strategy report must also—

  • (a) assess the consistency of the short-term intentions referred to in subsection (1)—

    • (i) with the short-term intentions indicated in the most recent fiscal strategy report; or

    • (ii) if the short-term intentions indicated in the most recent fiscal strategy report were amended in the budget policy statement most recently prepared under section 26M, with the short-term intentions indicated in the statement; and

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

  Parts 1 and 2 (sections 4 to 26A) were substituted by new Parts 1 and 2 (sections 4 to 26Z), as from 25 January 2005, by section 7 Public Finance Amendment Act 2004 (2004 No 113). See sections 32 to 36 of that Act as to the transitional provisions.