New Zealand Legislation: Acts

26N Statement on long-term fiscal position

• (1) Before the end of the second financial year after the commencement of this section and then at intervals not exceeding 4 years,—

  • (a) the Treasury must prepare a statement on the long-term fiscal position; and

  • (b) the Minister must present each statement to the House of Representatives.

  (2) The statement must—

  • (a) relate to a period of at least 40 consecutive financial years commencing with the financial year in which the statement is prepared; and

  • (b) be accompanied by—

    • (i) a statement of responsibility signed by the Secretary stating that the Treasury has, in preparing the statement under subsection (1), used its best professional judgments about the risks and the outlook; and

    • (ii) a statement of all significant assumptions underlying any projections included in the statement under subsection (1).

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