NORTHERN TERRITORY OF AUSTRALIA
FISCAL INTEGRITY AND TRANSPARENCY ACT 2001
As in force at 4 April 2025
Table of provisions
1 Short title ......................................................................................... 1
2 Fiscal Integrity and Transparency Framework ................................. 1
Schedule Fiscal integrity and transparency
framework
ENDNOTES
NORTHERN TERRITORY OF AUSTRALIA
As in force at 4 April 2025
FISCAL INTEGRITY AND TRANSPARENCY ACT 2001
An Act to provide a framework for the conduct of government fiscal
policy
1 Short title
This Act may be cited as the Fiscal Integrity and Transparency
Act 2001.
2 Fiscal Integrity and Transparency Framework
(1) The Fiscal Integrity and Transparency Framework is the Framework
for the conduct of Government fiscal policy set out in the Schedule.
(2) Nothing in the Fiscal Integrity and Transparency Framework
creates rights or duties that are enforceable in judicial or other
proceedings.
Schedule Fiscal integrity and transparency framework
Fiscal Integrity and Transparency Act 2001 2
Schedule Fiscal integrity and transparency framework
section 2(1)
Part 1 Purpose and overview
1 Purpose of Framework
(1) This Framework provides a framework for the conduct of
Government fiscal policy.
(2) The purpose of this Framework is to improve fiscal policy
outcomes.
(3) This Framework provides for this by:
(a) requiring fiscal strategy to be based on principles of sound
fiscal management;
(b) facilitating public scrutiny of fiscal policy and performance; and
(c) strengthening accountability for the economic and financial
projections underlying fiscal reporting and decision-making.
2 Overview of obligations
Principles of sound fiscal management
(1) The Government’s fiscal strategy is to be based on the principles of
sound fiscal management.
Fiscal strategy statements
(2) The Government’s fiscal strategy is to be set out in a fiscal strategy
statement publicly released and tabled by the Treasurer with each
budget.
(3) The first fiscal strategy statement for a particular Government may
be publicly released and tabled before its first budget.
(4) A particular Government may publicly release and table a new
fiscal strategy statement at any time.
Annual fiscal outlook reporting
(5) The Treasurer must publicly release and table fiscal outlook reports
as follows:
(a) there is to be a fiscal outlook report with each budget;
Schedule Fiscal integrity and transparency framework
Fiscal Integrity and Transparency Act 2001 3
(b) there is to be a mid-year fiscal outlook report by the end of
February in each year or within 6 months after the last budget,
whichever is later.
Annual final fiscal results report
(6) The Treasurer must publicly release and table final fiscal results
reports within 4 months of the end of each financial year.
Pre-election fiscal outlook report
(7) The Under Treasurer must publicly release a pre-election fiscal
outlook report once an election is called.
Sources of information
(8) The Under Treasurer is responsible for the preparation of all
financial projections contained in the statements and reports
required to be published under this Framework.
Part 2 Interpretation
3 Interpretation
(1) In this Framework, unless the contrary intention appears:
Australian accounting standards means the Australian
Accounting Standard 31 (Financial Reporting by Governments)
issued by the Australian Accounting Standards Board, as in force
from time to time.
budget means the annual Territory budget.
budget year means the financial year to which a budget relates.
election means a general election of members of the Legislative
Assembly.
external reporting standards means:
(a) the concepts and classifications set out in GFS Australia; and
(b) the Australian accounting standards.
GFS Australia means the publication of the Australian Bureau of
Statistics known as Government Finance Statistics Australia:
Concepts, Sources and Methods, as in force from time to time.
Government means the Territory Government.
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Fiscal Integrity and Transparency Act 2001 4
principles of sound fiscal management means the principles set
out in clause 5.
Territory public sector body means an Agency or other entity that
is within the Territory non-financial public sector.
Uniform Presentation Framework means the minimum set of
statistics that Commonwealth, State and Territory Governments
have agreed to present in their budget and related documentation,
as in force from time to time.
(2) Other words and expressions used in this Schedule and in the GFS
Australia have the same meaning as they have in the GFS
Australia.
Note for clause 3
The Interpretation Act 1978 contains definitions and other provisions that may be
relevant to this Framework.
Part 3 Principles of sound fiscal management
4 Formulation of Government fiscal policy
(1) The Government’s fiscal policy is to be directed at maintaining the
on-going economic prosperity and welfare of the people of the
Territory and is therefore to be set in a sustainable medium-term
framework.
(2) To meet this objective, the Government’s fiscal strategy is to be
based on the principles of sound fiscal management.
5 Principles of sound fiscal management
(1) The following principles are the principles of sound fiscal
management:
(a) the Government must formulate and apply spending and
taxing policies with consideration to the effect of these policies
on employment and the economic prosperity and development
of the Territory;
(b) the Government must formulate and apply spending and
taxing policies so as to give rise to a reasonable degree of
stability and predictability;
(c) the Government must ensure that funding for current services
is to be provided by the current generation;
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Fiscal Integrity and Transparency Act 2001 5
(d) the Government must manage financial risks faced by the
Territory prudently (having regard to economic
circumstances), including by maintaining Territory debt at
prudent levels.
(2) The financial risks referred to in paragraph (1)(d) include the
following risks:
(a) risks arising from excessive debt;
(b) commercial risks arising from ownership of public trading
enterprises and public financial enterprises;
(c) risks arising from erosion of the Territory’s revenue base;
(d) risks arising from the management of assets and liabilities.
Part 4 Fiscal strategy statement
6 Public release and tabling of fiscal strategy statements
(1) The Treasurer must publicly release and table the first fiscal
strategy statement for a particular Government at or before the time
of the Government’s first budget.
(2) The Treasurer must publicly release and table a fiscal strategy
statement for the Government at the time of each of the
Government’s subsequent budgets.
(3) If the Government wants to change its fiscal strategy statement, it
may do so at any time by the Treasurer publicly releasing and
tabling a new fiscal strategy statement.
(4) If the Legislative Assembly is not sitting when a fiscal strategy
statement is publicly released:
(a) the statement still takes effect from its public release; and
(b) the Treasurer must table the statement in the Legislative
Assembly when it next sits (or as soon as practicable after
then).
7 Purpose of fiscal strategy statements
The purpose of fiscal strategy statements is to increase public
awareness of the Government’s fiscal strategy and to establish a
benchmark for evaluating the Government’s conduct of fiscal policy.
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Fiscal Integrity and Transparency Act 2001 6
8 Fiscal strategy statement to be based on principles of sound
fiscal management
A fiscal strategy statement is to be based on the principles of sound
fiscal management.
9 Contents of fiscal strategy statement
(1) A fiscal strategy statement is to:
(a) specify the Government’s medium-term fiscal objectives;
(b) explain the broad strategic priorities on which the budget is or
will be based;
(c) specify the key fiscal indicators that the Government considers
important and against which fiscal policy will be set and
assessed;
(d) specify, for the budget year and the following 3 financial years:
(i) the Government’s fiscal objectives and targets; and
(ii) the expected outcomes for the specified key fiscal
indicators; and
(e) explain how the fiscal objectives and strategic priorities
specified and explained as required by paragraphs (a), (b)
and (d) relate to the principles of sound fiscal management.
(2) If particular information required to be included in the statement is
unchanged from information set out in full in an earlier statement,
the statement may instead summarise the information and state
that it is unchanged from what was set out in the earlier statement.
Part 5 Annual fiscal outlook reporting
Division 1 Contents of fiscal outlook reports
10 Contents of fiscal outlook reports
(1) Each fiscal outlook report required under this Part is to contain the
following information:
(a) updated financial projections for the budget year and the
following 3 financial years, along with the financial result for
the year preceding the budget year, for the Territory general
government sector and the Territory non-financial public
sector;
Schedule Fiscal integrity and transparency framework
Fiscal Integrity and Transparency Act 2001 7
(b) an account of the economic and other assumptions on which
the updated financial projections are based;
(c) an analysis of the degree to which the updated financial
projections are likely to be affected by changes in the
circumstances on which the economic and other assumptions
are based;
(d) an overview of the estimated tax expenditures for the budget
year and the following 3 financial years;
(e) a statement of the risks, quantified as far as practicable, that
could materially affect the updated financial projections,
including any contingent liabilities and any Government
negotiations that have yet to be finalised;
(f) an explanation of the factors and considerations that
contributed to any material differences between the updated
financial projections and the equivalent projections published
in the last fiscal outlook report;
(g) an explanation of the factors and considerations that
contributed to any material differences between the updated
financial projections and the expected outcomes for the key
fiscal indicators as specified in the Government’s fiscal
strategy statement.
(2) The information in each report is to take into account, to the fullest
extent possible, all Government decisions and all other
circumstances that may have a material effect on the fiscal outlook.
(3) Each report is to:
(a) be based on external reporting standards;
(b) identify, in general terms, the external reporting standards on
which it is based and any ways in which the report departs
from those standards; and
(c) publish the financial projections in at least the level of detail
required by the Uniform Presentation Framework.
(4) The reports do not have to include information that the Treasurer
considers should not be included because it is confidential
commercial information.
(5) If information that is otherwise required to be included in a report is
excluded because of subclause (4), the report must contain a
general description of the excluded information.
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Fiscal Integrity and Transparency Act 2001 8
(6) The reports are to include the certifications required under
clause 21(3).
Division 2 Budget fiscal outlook report
11 Public release and tabling of budget fiscal outlook reports
The Treasurer must publicly release and table a fiscal outlook
report at the time of each budget.
12 Purpose of budget fiscal outlook reports
The purpose of budget fiscal outlook reports is to provide
information to allow the assessment of the Government’s fiscal
performance against the fiscal strategy set out in its current fiscal
strategy statement.
Division 3 Mid-year fiscal outlook report
13 Public release and tabling of mid-year fiscal outlook reports
(1) The Treasurer must publicly release and table a mid-year fiscal
outlook report by the end of February in each year, or within 6
months after the last budget, whichever is later.
(2) If the Legislative Assembly is not sitting when a mid-year fiscal
outlook report is publicly released under subclause (1), the report
does not have to be tabled in the Legislative Assembly until it next
sits (or as soon as practicable after then), even if that is after the
end of the period specified in that subclause.
14 Purpose of mid-year fiscal outlook reports
The purpose of mid-year fiscal outlook reports is to provide updated
information to allow the assessment of the Government’s fiscal
performance against the fiscal strategy set out in its current fiscal
strategy statement.
Part 6 Final fiscal results report
15 Public release and tabling of final fiscal results reports
(1) The Treasurer must publicly release and table a final fiscal results
report for each financial year no later than 4 months after the end of
the financial year.
Schedule Fiscal integrity and transparency framework
Fiscal Integrity and Transparency Act 2001 9
(2) If the Legislative Assembly is not sitting when a final fiscal results
report is released under subclause (1), the report does not have to
be tabled in the Legislative Assembly until it next sits (or as soon as
practicable after then), even if that is after the expiry of 4 months
after the end of the financial year.
(3) The final fiscal results report for a financial year may be
incorporated in the fiscal outlook report for the next financial year if
the next financial year’s budget is brought down within 4 months
after the start of that financial year.
(4) The final fiscal results report for a financial year may be
incorporated in the Treasurer’s Annual Financial Statement
required by section 9 of the Financial Management Act 1995 if the
next financial year’s budget is brought down before the start of that
year.
16 Contents of final fiscal results report
(1) A final fiscal results report is to include:
(a) the financial result for the Territory general government sector
and the Territory non-financial public sector for the financial
year ending on the preceding 30 June;
(b) an explanation of the factors and considerations that
contributed to any material differences between the financial
result and the equivalent projections published for that year in
the last fiscal outlook report; and
(c) an explanation of the factors and considerations that
contributed to any material differences between the financial
result and the expected outcomes for the key fiscal indicators
for that year as specified in the Government’s fiscal strategy
statement at the beginning of the financial year in question.
(2) The report is to:
(a) be based on external reporting standards;
(b) identify, in general terms, the external reporting standards on
which it is based and any ways in which the report departs
from those standards; and
(c) publish the financial projections in at least the level of detail
required by the Uniform Presentation Framework.
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Fiscal Integrity and Transparency Act 2001 10
Part 7 Pre-election fiscal outlook report
17 Public release of pre-election fiscal outlook report
The Under Treasurer must publicly release a pre-election fiscal
outlook report within 10 days after the issue of the writ for an
election.
18 Purpose of pre-election fiscal outlook reports
The purpose of pre-election fiscal outlook reports is to provide
updated information on the fiscal outlook.
19 Contents of pre-election fiscal outlook report
(1) A pre-election fiscal outlook report is to contain the economic and
fiscal information, and is to be prepared on a basis, that is the same
in all respects as is required for a fiscal outlook report under
clause 10.
(2) A pre-election fiscal outlook report is also to contain the following
signed statements:
(a) a statement, signed by the Treasurer, to the effect that the
disclosure requirements under clauses 20 and 23 have been
complied with;
(b) the statement signed by the Under Treasurer required under
clause 21(3).
20 Treasurer to disclose information
To help the Under Treasurer to prepare a pre-election fiscal outlook
report, the Treasurer must disclose to the Under Treasurer the
details of any Government decision, or any other circumstance, as
is required under clause 23 within 2 days of the issue of the writ for
an election.
Part 8 Sources of information for statements and
reports
21 Under Treasurer responsible for preparing all financial
projections
(1) The accuracy, completeness and reliability of all financial
projections and associated information contained in the statements
and reports required to be published under this Framework are the
responsibility of the Under Treasurer.
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Fiscal Integrity and Transparency Act 2001 11
(2) The accuracy of financial projections is to be judged by reference to
the normal tolerances expected of economic forecasts.
(3) All statements and reports required to be published under this
Framework that contain financial projections and associated
information for which the Under Treasurer is responsible must
include a statement signed by the Under Treasurer certifying that,
to the fullest extent possible, the financial projections and
associated information for which the Under Treasurer is
responsible:
(a) reflect the best professional judgment of officers of the
Northern Territory Treasury;
(b) take into account all relevant information available to the
Under Treasurer on the date set out in the certificate; and
(c) incorporate the fiscal implications of all relevant Government
decisions and circumstances that were known or disclosed to
the Under Treasurer on the date set out in the certificate.
22 Territory public sector bodies to provide information
(1) To help the Under Treasurer to prepare financial projections for
which he or she is responsible under this Framework, the Under
Treasurer may request a Territory public sector body to provide
information.
(2) A Territory public sector body must comply with a request in time to
allow the information to be taken into account in the preparation of
the financial projections, unless it is not practicable for the body to
do so. The body does not have to provide information if doing so
would contravene another law of the Territory.
(3) The Under Treasurer may issue written guidelines to help Territory
public sector bodies to provide the information needed to prepare
financial projections under this Framework.
23 Treasurer to provide information
To help the Under Treasurer to prepare financial projections for
which he or she is responsible under this Framework, the Treasurer
must disclose to the Under Treasurer details of any Government
decision, or any other circumstance, that the Treasurer knows
about:
(a) that has, or could have, material fiscal or economic
implications; and
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Fiscal Integrity and Transparency Act 2001 12
(b) that the Under Treasurer could not reasonably be expected to
know about.
Part 9 Transition to accrual reporting
24 Omissions and delays permitted
(1) If aspects of the financial projections and related information
required to be published in reports are not available because of
progressive implementation of accrual reporting by Territory public
sector bodies, the reports may omit such aspects for up to
12 months from the date of commencement of this Framework.
(2) If aspects of the financial projections and related information
required to be published in reports are not available in the time
frames necessary to meet a due date under this Framework
because of progressive implementation of accrual reporting by
Territory public sector bodies, the reports may be delayed for up to
2 months during the 12 month period following the date of
commencement of this Framework.
(3) The reasons for any omissions permitted under subclause (1) are to
be explained and certified as correct by the Under Treasurer in a
statement to be included in the affected report.
(4) The reasons for any delay permitted under subclause (2) are to be
explained and certified as correct by the Under Treasurer in an
explanatory statement to be publicly issued before the due date of
the affected report.
ENDNOTES
Fiscal Integrity and Transparency Act 2001 13
ENDNOTES
1 KEY
Key to abbreviations
amd = amended od = order
app = appendix om = omitted
bl = by-law pt = Part
ch = Chapter r = regulation/rule
cl = clause rem = remainder
div = Division renum = renumbered
exp = expires/expired rep = repealed
f = forms s = section
Gaz = Gazette sch = Schedule
hdg = heading sdiv = Subdivision
ins = inserted SL = Subordinate Legislation
lt = long title sub = substituted
nc = not commenced
2 LIST OF LEGISLATION
Fiscal Integrity and Transparency 2001 (Act No. 67, 2001)
Assent date 21 December 2001
Commenced 21 December 2001
Interpretation Legislation Amendment Act 2018 (Act No. 22, 2018)
Assent date 8 November 2018
Commenced pt 2 and ss 19, 20 and 25 to 27: 18 February 2019 (Gaz S11,
18 February 2019); rem: 11 December 2018 (Gaz S101,
11 December 2018)
Fiscal Integrity and Transparency Amendment Act 2020 (Act No. 9, 2020)
Assent date 25 March 2020
Commenced 26 March 2020 (s 2)
Statute Law Revision Act 2020 (Act No. 26, 2020)
Assent date 19 November 2020
Commenced 20 November 2020
Financial Integrity and Revenue Legislation Amendment Act 2021 (Act No. 18, 2021)
Assent date 29 June 2021
Commenced 1 July 2021 (s 2)
Financial Integrity and Transparency Amendment Act 2025 (Act No. 6, 2025)
Assent date 3 April 2025
Commenced 4 April 2025 (s 2)
3 GENERAL AMENDMENTS
General amendments of a formal nature (which are not referred to in the table
of amendments to this reprint) are made by the Interpretation Legislation
Amendment Act 2018 (Act No. 22, 2018) to: Sch.
ENDNOTES
Fiscal Integrity and Transparency Act 2001 14
4 LIST OF AMENDMENTS
s 3 ins No. 9, 2020, s 4
rep No. 6, 2025, s 4
sch amd No. 22, 2018, s 35; No. 26, 2020, s 3; No. 18, 2021, s 10; No. 6, 2025,
s 5