Appendix B Assessment against the fiscal target
This Budget sets a pathway to return to balance in 2015‑16 and to surplus by 2016‑17, improves the sustainability of Australia's public finances and builds on Australia's record of fiscal and economic strength. Decisions taken in this Budget will result in $43 billion of total savings and the net budget impact of policy decisions is a $28.4 billion improvement to the underlying cash balance over the forward estimates.
| Estimates | Projections | ||||||
|---|---|---|---|---|---|---|---|
| 2012‑13 $m |
2013‑14 $m |
2014‑15 $m |
2015‑16 $m |
2016‑17 $m |
Total $m |
||
| Effect of policy decisions since MYEFO (a) | |||||||
| Spends | -2,604 | -2,470 | -3,212 | -2,853 | -4,465 | -15,604 | |
| Payments | -2,474 | -2,386 | -3,172 | -2,857 | -4,437 | -15,325 | |
| Receipts | -130 | -83 | -41 | 4 | -28 | -278 | |
| Saves | 246 | 1,750 | 9,400 | 15,176 | 16,471 | 43,043 | |
| Payments | 172 | 1,411 | 3,756 | 5,660 | 6,295 | 17,294 | |
| Receipts | 75 | 338 | 5,644 | 9,517 | 10,175 | 25,749 | |
| Total effect of policy decisions since MYEFO | -2,358 | -720 | 6,188 | 12,324 | 12,005 | 27,439 | |
| Add Contingency Reserve offsets to policy decisions | 4 | 433 | 289 | 77 | 195 | 998 | |
| Net budget impact of policy decisions | -2,354 | -286 | 6,476 | 12,401 | 12,200 | 28,437 | |
(a) On an underlying cash basis.