Statement on long-term fiscal position

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

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).