Statement 11: Statement of Risks

The forward estimates of revenue and expenses in the 2005-06 Budget incorporate assumptions and judgments based on the best information available at the time of publication. A range of factors may influence the actual budget outcome in future years. The disclosure of these factors in this statement increases the transparency of the fiscal projections and ensures they remain ‘on-balance’ estimates.

Events that could affect fiscal outcomes include:

• changes in economic and other parameters;
• matters not included in the fiscal forecasts because of uncertainty about their timing, magnitude and/or likelihood; and
• the realisation of contingent liabilities.

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