Mid-Year Economic and Fiscal Outlook 2011-12

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Mid-Year Economic and Fiscal Outlook 2011-12.
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    MID-YEAR ECONOMIC AND FISCAL OUTLOOK 2011-12 STATEMENT BYTHE HONOURABLE WAYNE SWAN MP DEPUTY PRIME MINISTER AND TREASUREROF THE COMMONWEALTH OF AUSTRALIAAND SENATOR THE HONOURABLE PENNY WONG MINISTER FOR FINANCE AND DEREGULATIONOF THE COMMONWEALTH OF AUSTRALIA    © Commonwealth of Australia 2011ISBN 978-0-642-74762-4This publication is available for your use under aCreative Commons BY Attribution3.0 Australialicence, with the exception of the Commonwealth Coat of Arms, thirdparty content and where otherwise stated. The full licence terms are available fromhttp://creativecommons.org/licenses/by/3.0/au/legalcode.Use of Treasury material under aCreative Commons BY Attribution 3.0 Australia licence requires you to attribute the work (but not in any way that suggests that theTreasury endorses you or your use of the work). Treasury   material   used   'as   supplied'   Provided you have not modified or transformed Treasury material in any wayincluding, for example, by changing the Treasury text; calculating percentage changes;graphing or charting data; or deriving new statistics from published Treasury statistics— then Treasury prefers the following attribution:Source: The Treasury   Derivative   material   If you have modified or transformed Treasury material, or derived new material fromthose of the Treasury in any way, then Treasury prefers the following attribution: Based on Treasury data Use   of    the   Coat   of    Arms  The terms under which the Coat of Arms can be used are set out on the It’s an Honourwebsite (seewww.itsanhonour.gov.au) Other   Uses   Inquiries regarding this licence and any other use of this document are welcome at:   Manager   CommunicationsThe Treasury   Langton Crescent Parkes ACT 2600   Email:medialiasion@treasury.gov.au  Internet   A copy of this document is available on the central Budget website at:www.budget.gov.au.Printed by CanPrint Communications Pty Ltd    NOTES (a) The following definitions are used in the MYEFO: –   ‘real’ means adjusted for the effect of inflation; –   real growth in expenses and payments is calculated by the Consumer PriceIndex (CPI) as the deflator; –   one billion is equal to one thousand million; and –   the Budget year refers to 2011-12, while the forward years refer to 2012-13,2013-14 and 2014-15.(b) Figures in tables and generally in the text have been rounded. Discrepancies intables between totals and sums of components are due to rounding: –   estimates under $100,000 are rounded to the nearest thousand; –   estimates $100,000 and over are generally rounded to the nearest tenth of amillion; –   estimates midway between rounding points are rounded up; and –   the percentage changes in statistical tables are calculated using unroundeddata.(c) For the budget balance, a negative sign indicates a deficit while no sign indicates asurplus.(d) The following notations are used:* The nature of this measure is such that a reliable estimate cannotbe provided.NEC/nec not elsewhere classified- nil0 nil.. not zero, but rounded to zero~ allocation not yet determinedna not applicable (unless otherwise specified)nfp not for publication$m $ million$b $ billion    iv (e) The Australian Capital Territory and the Northern Territory are referred to as ‘theTerritories’. References to the ‘States’ or ‘each State’ include the Territories. Thefollowing abbreviations are used for the names of the States, where appropriate:NSW New South WalesVIC VictoriaQLD QueenslandWA Western AustraliaSA South AustraliaTAS TasmaniaACT Australian Capital TerritoryNT Northern Territory
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