New Zealand Legislation: Acts

26L Contents of fiscal strategy report: other matters

• (1) The fiscal strategy report must include—

  • (a) an assessment of the extent to which the economic and fiscal update prepared under section 26O(1) is consistent with the short-term intentions referred to in section 26K(1); and

  • (b) if the economic and fiscal update departs from those short-term intentions, an explanation of the reasons for the departure.

  (2) The fiscal strategy report must also include—

  • (a) scenarios that—

    • (i) contain projections of trends in the variables specified in section 26J(1)(a) (which projections must illustrate, for stated significant assumptions, likely future progress towards achieving the long-term objectives referred to in that section); and

    • (ii) explain the reasons for any significant differences from previous scenarios; and

  • (b) an assessment of the consistency of the scenarios with the long-term objectives referred to in section 26J(1)(a); and

  • (c) if the scenarios depart from the long-term objectives referred to in section 26J(1)(a), an explanation of the reasons for the departure.

  (3) The projections required by subsection (2)(a)(i) must relate to the period to which the long-term objectives referred to in section 26J(1)(a) 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).

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