Fiscal risks
The estimates and projections of revenue are subject to a number of general risks that can affect taxation collections. These general pressures include tax avoidance, court decisions and Australian Taxation Office rulings. These pressures may result in a shift in the composition of taxation collected from the various tax bases and/or a change in the size of the tax base.
There are specific risks to revenue estimates and projections. For example, the Government has announced its intention to introduce an Emissions Trading Scheme (ETS) in 2010. When implemented, the revenue that is received from permits under this scheme will impact on budget estimates.
There are specific risks to expense estimates and projections. For example, major technological advances in medicines and medical practices may lead to changes to the Medical Benefits Schedule and the Pharmaceutical Benefits Scheme which could result in unexpected increases in expenses.
Other fiscal risks that may affect expenditure include natural disasters, emergency foreign aid and contingent liabilities and assets. Contingent liabilities and assets include indemnities, warranties and guarantees and will impact net financial worth under certain conditions.
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