About this Budget Paper
Purpose and Scope
Budget Paper No. 2 Budget Statement provides information on State finances in aggregate. The
objectives of this paper are to:

inform Parliament and the public of the State’s fiscal position and the Government’s fiscal
strategy

meet requirements under s. 27AA of the Public Finance and Audit Act 1983, which prescribes
the content of Budget Papers, including providing four-year projections of all major
economic and financial variables, and revised estimates for the preceding Budget year and
explanations of any significant variations

meet requirements under ss. 8–20 of the Fiscal Responsibility Act 2005, including providing a
summary of the Government’s fiscal strategy, reporting on performance against fiscal targets
and principles, and reporting on the impact of the Budget on the long-term fiscal gap

enable interstate comparisons by reporting within the Australian Bureau of Statistics’
Government Finance Statistics framework.
The general government sector represents the scope of the Budget. However, this Budget Paper
also includes information on the total state sector. This is to provide a comprehensive picture of
the State’s fiscal position and strategy, relevant not only to Parliament but also to other
stakeholders such as credit rating agencies.
New Disclosure
In the 2011-12 Budget Speech the Treasurer committed to improving transparency in Budget
reporting. The Commission of Audit subsequently made specific recommendations to improve
reporting.
Accordingly, for the first time Budget Paper No. 2 includes a statement reconciling changes in
total expenses since the last Budget. It distinguishes changes resulting from Government policy
decisions from those that are a result of external forces largely outside the Government’s control.
The reconciliation statement is in chapter 3.
Budget Statement 2012-13
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About this Budget Paper
Notes
The Budget year refers to 2012-13, while the forward estimates period refers to 2013-14, 2014-15
and 2015-16.
Figures in tables, charts and text have been rounded. Discrepancies between totals and sums of
components reflect rounding. Percentages are based on the underlying unrounded amounts.
Unless otherwise indicated, the data source for tables and charts is NSW Treasury.
One billion equals one thousand million.
n.a. means data is not available. N/A means not applicable.
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Budget Statement 2012-13