23Budget impact statements for all costed policies

23 Budget impact statements for all costed policies

23 Budget impact statements for all costed policies

(1) The Parliamentary Budget Officer is to prepare a separate budget impact statement for the respective policies of each parliamentary leader that have been costed under this Part.

(2) A budget impact statement is to list the relevant costed policies and show—

(a) a summary of the assessed financial impact of each costed policy, and

(b) the total net financial impact of all the costed policies,

on the current year’s State budget and on the forward estimates for the period to which the pre-election half-yearly budget review relates.

(2A) The budget impact statement is also to show, for the general government sector, the impact of all the costed policies on the following financial indicators—

(a) the sector budget results, identifying the difference between expenses and revenues from transactions for the sectors,

(b) sector capital expenditure,

(c) sector net lending/borrowing, identifying the financing requirement for the sectors.

(2B) If the costed policies have an impact on the public non-financial corporations sector or the public financial corporations sector, the budget impact statement is also to show the impact on financial indicators for that sector, as set out in subsection (2A) (a), (b) and (c).

(2C) The budget impact statement prepared under this section is also—

(a) to show any other matters (not otherwise specified under this section) arising from costed policies that have an impact on the current year’s State budget and on the forward estimates for the periods to which the pre-election half-yearly budget review and the pre-election budget update statement relate, and

(b) to reflect any changes to the current year’s State budget and the forward estimates set out in the pre-election budget update statement.

(3) The Parliamentary Budget Officer is to provide, on the day that is the fifteenth last day before the State general election is due to be held, a draft budget impact statement to each parliamentary leader in relation to his or her respective policies.