Mid-Year Economic and Fiscal Outlook

The underlying cash balance is projected to reach surplus in 2019-20, with the surplus reaching 0.8 per cent of GDP by 2024-25. — Chart 1.1: Underlying cash balance projected to 2024‑25

Notes: The underlying cash balance excludes Future Fund earnings and payments. A tax‑to‑GDP cap of 23.9 per cent is applied on 2014‑15 Budget and 2014‑15 MYEFO projections.

Source: Treasury projections

Per cent of GDP	2013‑14	2014‑15	2015‑16	2016‑17	2017‑18	2018‑19	2019‑20	2020‑21	2021‑22	2022‑23	2023‑24	2024‑25
2014‑15 Budget	‑3.1	‑1.8	‑1.0	‑0.6	‑0.2	0.0	0.6	0.9	1.0	1.1	1.2	1.4
2014‑15 MYEFO	‑3.1	‑2.5	‑1.9	‑1.2	‑0.6	‑0.4	0.2	0.6	0.7	0.7	0.7	0.8

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This chart shows how mining wages have eased from peak growth of 6.7 per cent through the year in the June quarter 2008, to growing in line with the rest of the economy at 2.5 per cent through the year in September quarter 2014 . — Chart 2.1 Declines in mining wage growth and mining share of employment

This chart shows mining employment as a share of total employment from August 1999 to August 2014. — Chart 2.1 Declines in mining wage growth and mining share of employment

X Values	Mining	Total excluding mining
Sep‑99	3.0	3.0
Dec‑99	2.9	2.9
Mar‑00	2.3	2.7
Jun‑00	1.8	2.8
Sep‑00	2.2	3.0
Dec‑00	2.4	3.3
Mar‑01	3.5	3.6
Jun‑01	3.7	3.7
Sep‑01	3.3	3.5
Dec‑01	3.7	3.3
Mar‑02	3.7	3.2
Jun‑02	3.5	3.2
Sep‑02	4.2	3.3
Dec‑02	4.0	3.5
Mar‑03	3.2	3.6
Jun‑03	3.0	3.6
Sep‑03	2.7	3.6
Dec‑03	2.8	3.6
Mar‑04	2.8	3.5
Jun‑04	3.2	3.6
Sep‑04	3.4	3.5
Dec‑04	4.0	3.7
Mar‑05	4.1	3.9
Jun‑05	4.9	4.1
Sep‑05	5.1	4.2
Dec‑05	4.4	4.1
Mar‑06	5.0	4.0
Jun‑06	5.9	4.1
Sep‑06	5.8	3.8
Dec‑06	6.3	3.9
Mar‑07	6.1	3.9
Jun‑07	5.5	4.0
Sep‑07	5.5	4.1
Dec‑07	5.1	4.2
Mar‑08	5.9	4.0
Jun‑08	6.7	4.1
Sep‑08	6.4	4.0
Dec‑08	6.3	4.2
Mar‑09	5.8	4.1
Jun‑09	4.2	3.8
Sep‑09	3.7	3.5
Dec‑09	3.5	2.9
Mar‑10	3.4	3.0
Jun‑10	3.8	3.0
Sep‑10	3.8	3.6
Dec‑10	4.6	3.9
Mar‑11	4.6	3.9
Jun‑11	4.1	3.9
Sep‑11	4.2	3.6
Dec‑11	3.6	3.6
Mar‑12	4.6	3.6
Jun‑12	5.2	3.7
Sep‑12	5.2	3.6
Dec‑12	5.1	3.4
Mar‑13	4.2	3.1
Jun‑13	3.5	2.9
Sep‑13	3.2	2.7
Dec‑13	3.1	2.5
Mar‑14	2.4	2.7
Jun‑14	2.5	2.6
Sep‑14	2.5	2.5

X Values	Mining share of total
Aug‑99	0.9
Nov‑99	0.9
Feb‑00	0.9
May‑00	0.9
Aug‑00	0.9
Nov‑00	0.9
1‑Feb	0.8
1‑May	0.9
1‑Aug	0.9
1‑Nov	0.9
2‑Feb	0.9
2‑May	0.9
2‑Aug	0.9
2‑Nov	1.0
3‑Feb	1.0
3‑May	0.9
3‑Aug	0.9
3‑Nov	1.0
4‑Feb	1.1
4‑May	1.1
4‑Aug	1.0
4‑Nov	1.0
5‑Feb	1.1
5‑May	1.1
5‑Aug	1.2
5‑Nov	1.3
6‑Feb	1.3
6‑May	1.3
6‑Aug	1.3
6‑Nov	1.3
7‑Feb	1.3
7‑May	1.3
7‑Aug	1.3
7‑Nov	1.3
8‑Feb	1.3
8‑May	1.5
8‑Aug	1.6
8‑Nov	1.7
9‑Feb	1.6
9‑May	1.4
9‑Aug	1.5
9‑Nov	1.5
10‑Feb	1.6
10‑May	1.6
10‑Aug	1.8
10‑Nov	1.8
11‑Feb	1.8
11‑May	1.9
11‑Aug	2.0
11‑Nov	2.1
12‑Feb	2.2
12‑May	2.4
12‑Aug	2.4
12‑Nov	2.3
13‑Feb	2.3
13‑May	2.3
13‑Aug	2.3
13‑Nov	2.4
14‑Feb	2.4
14‑May	2.3
14‑Aug	2.0

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o The chart shows iron ore US dollar spot price for 62 per cent iron content on a free-on-board basis between June 2010 and the Treasury forecast to June 2016. The chart shows the iron ore price falling from its peak in 2011 to its current level and shows the volatility of the series. The forecast assumes prices remain flat at US dollar 60 per tonne throughout the forecast period. — Chart 2.2 Spot price developments and forecasts

Source: Platts and Treasury.

Chart 2.2 is based on commercial-in-confidence daily spot price data and Treasury is unable to publish it. However, Treasury has permission to publish the quarterly average of this data (below).

X Values	US$/t FOB
Jun‑10	148
Sep‑10	127
Dec‑10	147
Mar‑11	170
Jun‑11	169
Sep‑11	168
Dec‑11	129
Mar‑12	135
Jun‑12	134
Sep‑12	106
Dec‑12	113
Mar‑13	141
Jun‑13	118
Sep‑13	122
Dec‑13	123
Mar‑14	111
Jun‑14	94
Sep‑14	81
Dec‑14	66
Mar‑15	60
Jun‑15	60
Sep‑15	60
Dec‑15	60
Mar‑16	60
Jun‑16	60

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These charts show the US dollar spot price for metallurgical coal and thermal coal from June 2011 and the Treasury forecast to June 2016. Both charts show metallurgical coal and thermal coal prices falling from the peaks in 2011. — Chart 2.3 Metallurgical coal and thermal coal prices

X Values	US$/t FOB	Current spot price
Jun‑11	283
Sep‑11	255
Dec‑11	233
Mar‑12	214
Jun‑12	221
Sep‑12	172
Dec‑12	155
Mar‑13	166
Jun‑13	142
Sep‑13	141
Dec‑13	140
Mar‑14	120
Jun‑14	111
Sep‑14	111
Dec‑14	110	111
Mar‑15	110
Jun‑15	110
Sep‑15	110
Dec‑15	110
Mar‑16	110
Jun‑16	110

X Values	US$/t FOB	Current spot price
Jun‑11	120
Sep‑11	121
Dec‑11	114
Mar‑12	112
Jun‑12	95
Sep‑12	86
Dec‑12	84
Mar‑13	91
Jun‑13	85
Sep‑13	77
Dec‑13	82
Mar‑14	78
Jun‑14	73
Sep‑14	68
Dec‑14	63	64
Mar‑15	63
Jun‑15	63
Sep‑15	63
Dec‑15	63
Mar‑16	63
Jun‑16	63

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The chart shows historical and forecast real GDP growth over the period 1987-88 to 2017‑18 and the 30 year — Chart 2.4: Real GDP growth

Source: ABS cat. no. 5206.0 and Treasury.

X Values	Annual growth	30‑year average
1987‑88	5.8	3.3
1988‑89	3.9	3.3
1989‑90	3.5	3.3
1990‑91	‑0.4	3.3
1991‑92	0.4	3.3
1992‑93	4.0	3.3
1993‑94	4.0	3.3
1994‑95	3.9	3.3
1995‑96	3.9	3.3
1996‑97	3.9	3.3
1997‑98	4.4	3.3
1998‑99	5.0	3.3
1999‑00	3.9	3.3
2000‑01	1.9	3.3
2001‑02	3.9	3.3
2002‑03	3.1	3.3
2003‑04	4.2	3.3
2004‑05	3.2	3.3
2005‑06	3.0	3.3
2006‑07	3.8	3.3
2007‑08	3.7	3.3
2008‑09	1.7	3.3
2009‑10	2.0	3.3
2010‑11	2.3	3.3
2011‑12	3.7	3.3
2012‑13	2.5	3.3
2013‑14	2.5	3.3
2014‑15	2.5
2015‑16	3.0
2016‑17	3.5
2017‑18	3.5

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Chart 3.1: Changes to the Underlying Cash Balance since Budget

$ billion	Net impact of policy decisions	Receipts	Impacts of the Senate	Other payment variations
2014-15	-0.25	-6.12	-3.53	-0.70
2015-16	0.13	-6.90	-3.10	-4.29
2016-17	1.32	-7.60	-2.41	-1.60
2017-18	1.97	-8.14	-1.58	-0.90
Total	3.17	-28.75	-10.61	-7.49

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Chart 3.2: Underlying cash balance projected to 2024-25 — Chart 3.2: Underlying cash balance projected to 2024‑25

Note: The underlying cash balance excludes Future Fund earnings and payments. A tax‑to‑GDP cap of 23.9 per cent is applied on 2014‑15 Budget and 2014‑15 MYEFO projections.

Source: Treasury projections.

Per cent of GDP	2013‑14	2014‑15	2015‑16	2016‑17	2017‑18	2018‑19	2019‑20	2020‑21	2021‑22	2022‑23	2023‑24	2024‑25
2014‑15 Budget	‑3.1	‑1.8	‑1.0	‑0.6	‑0.2	0.0	0.6	0.9	1.0	1.1	1.2	1.4
2014‑15 MYEFO	‑3.1	‑2.5	‑1.9	‑1.2	‑0.6	‑0.4	0.2	0.6	0.7	0.7	0.7	0.8

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Commonwealth Government Securities (CGS) on issue are expected to reach $499 billion in 2023-24, a fall of nearly $170 billion compared to $667 billion at the 2013‑14 MYEFO. This allows for future tax relief for which allowance was not included in the 2013‑14 MYEFO figures. CGS on issue was projected to reach $389 billion in 2023-24 at the time of the 2014‑15 Budget. — Chart 3.3: Face value of Commonwealth Government Securities projected to 2024‑25

Note: A tax‑to‑GDP cap of 23.9 per cent is applied on 2014‑15 Budget and 2014‑15 MYEFO projections. No tax cap has been applied on 2013‑14 MYEFO projections.

Source: Australian Office of Financial Management and Treasury projections.

$ billion	2013‑14	2014‑15	2015‑16	2016‑17	2017‑18	2018‑19	2019‑20	2020‑21	2021‑22	2022‑23	2023‑24	2024‑25
2013‑14 MYEFO	313	360	398	436	478	518	560	592	619	645	667	0
2014‑15 Budget	319	361	395	433	447	457	458	446	431	412	389	362
2014‑15 MYEFO	319	370	415	461	484	505	516	515	509	506	499	491

Note: All figures rounded to the nearest billion.

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Note: A tax‑to‑GDP cap of 23.9 per cent is applied on 2014‑15 Budget and 2014‑15 MYEFO projections.

Source: Treasury projections.

Per cent of GDP	2013‑14	2014‑15	2015‑16	2016‑17	2017‑18	2018‑19	2019‑20	2020‑21	2021‑22	2022‑23	2023‑24	2024‑25
2014‑15 Budget	12.8	13.9	14.4	14.6	14.0	13.4	11.1	8.7	6.6	4.5	2.6	0.7
2014‑15 MYEFO	12.8	15.2	16.7	17.2	17.0	15.3	13.2	10.7	8.9	7.3	6.0	4.7

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Note: Net interest payments are total interest receipts minus total interest payments. A tax‑to‑GDP cap of 23.9 per cent is applied on 2014‑15 Budget and 2014‑15 MYEFO projections. No tax cap has been applied on 2013‑14 MYEFO projections.

Source: Treasury projections.

$ billion	2013‑14	2014‑15	2015‑16	2016‑17	2017‑18	2018‑19	2019‑20	2020‑21	2021‑22	2022‑23	2023‑24	2024‑25
2013‑14 MYEFO	8.8	10.6	13.5	12.8	15.6	17.8	20.0	21.8	23.2	25.3	27.0	‑
2014‑15 Budget	10.8	10.5	11.5	12.2	12.9	13.1	12.6	11.5	10.3	9.7	8.3	6.6
2014‑15 MYEFO	10.8	10.8	11.3	12.1	12.7	13.7	13.5	13.4	13.0	14.2	14.3	14.7

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This chart shows the cumulative value of revenue measure decisions by the former government from the 2008-09 Budget to the 2013 PEFO building to over $100 billion. The cumulative value of revenue decisions of this government from MYEFO 2013-14 to the 2014-15 MYEFO is a reduction in revenue of over $7 billion. — Chart 3.6: Cumulative effect of revenue measures since the 2008‑09 Budget

*Cumulative value of revenue measures taken each budget year.

	Cumulative impact of measures between 2008-09 Budget to 2013 PEFO ($b)
2008-09	28.99
2009-10	26.05
2010-11	20.69
2011-12	50.45
2012-13	79.14
2013-14	107.33
2013-14	-14.35
2014-15	-7.44

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The outlook for the structural budget balance has deteriorated slightly since the 2014-15 Budget. The structural position of the budget is forecast to improve to a small surplus by 2019-20 and is projected to reach a surplus of around 1 per cent of GDP beyond that. — Chart 3.7: Structural budget balance estimates

Source: ABS cat. no. 5206.0, 5302.0, 6202.0, 6401.0 and Treasury.

Note: The grey range spans structural budget estimates using the average terms of trade between 1986‑87 and 2010‑11 (lower bound), which is the OECD's assumption for Australia's structural level of the terms of trade, and using the forecast average from 2003‑04 to 2016‑17 (upper bound). The central estimate is based on the structural level of the terms of trade in the Government's medium‑term economic projections. The methodology for producing the structural budget balance estimates was detailed in Treasury Working Paper 2013‑01.

Date	Underlying cash balance	Structural budget balance	Upper Bound (Deloitte) SBB Estimate	Lower Bound (OECD) SBB Estimate	Structural budget balance band
2003‑04	0.93	0.99	0.99	0.99	0.00
2004‑05	1.47	1.22	1.22	0.92	‑0.29
2005‑06	1.58	1.16	1.16	0.33	‑0.82
2006‑07	1.58	0.45	1.00	‑0.41	‑1.40
2007‑08	1.68	‑0.18	0.45	‑0.96	‑1.41
2008‑09	‑2.15	‑3.62	‑3.01	‑4.40	‑1.40
2009‑10	‑4.20	‑4.79	‑4.23	‑5.50	‑1.27
2010‑11	‑3.37	‑4.33	‑3.83	‑4.95	‑1.12
2011‑12	‑2.92	‑4.12	‑3.61	‑4.76	‑1.14
2012‑13	‑1.24	‑1.92	‑1.37	‑2.61	‑1.24
2013‑14	‑3.15	‑3.38	‑2.80	‑4.12	‑1.32
2014‑15	‑2.51	‑2.03	‑1.38	‑2.84	‑1.46
2015‑16	‑1.86	‑1.07	‑0.39	‑1.93	‑1.55
2016‑17	‑1.18	‑0.51	0.21	‑1.42	‑1.63
2017‑18	‑0.62	‑0.12	0.63	‑1.07	‑1.71
2018‑19	‑0.45	‑0.03	0.75	‑1.01	‑1.76
2019‑20	0.24	0.52	1.32	‑0.48	‑1.80
2020‑21	0.58	0.68	1.48	‑0.32	‑1.81
2021‑22	0.69	0.70	1.50	‑0.30	‑1.80
2022‑23	0.72	0.72	1.51	‑0.28	‑1.79
2023‑24	0.68	0.68	1.48	‑0.31	‑1.79
2024‑25	0.78	0.78	1.57	‑0.21	‑1.78

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This chart shows confidence intervals around the MYEFO forecast for average annualised real GDP growth. The forecast for average annualised real GDP growth from 2013‑14 to 2014‑15 is around 2½ per cent, with the 90 per cent confidence interval around 2½ percentage points wide. — Chart 3.8: Confidence intervals around real GDP growth rate forecasts

Note: The central line shows the outcomes and the 2014‑15 MYEFO forecasts. Annual growth rates are reported for the outcomes. Average annualised growth rates from 2013‑14 are reported for 2014‑15 onwards. (f) are forecasts. Confidence intervals are based on the root mean square errors (RMSEs) of December forecasts from 1998 onwards, with outcomes based on September quarter 2014 National Accounts data.

Source: ABS cat. no. 5206.0 and Treasury.

X Values	Central forecast	90 upper	70 upper	70 lower	90 lower
2007‑08	3.7
2008‑09	1.7
2009‑10	2.0
2010‑11	2.3
2011‑12	3.7
2012‑13	2.5
2013‑14	2.5
2013‑14 to 14‑15 (f)	2.4	3.60	3.16	1.64	1.20
2013‑14 to 15‑16 (f)	2.7	3.74	3.35	2.05	1.66

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This chart shows confidence intervals around the MYEFO forecast for average annualised nominal GDP growth. The forecast for average annnualised nominal GDP growth from 2013‑14 to 2014‑15 is around 1 ½ per cent, with the 90 per cent confidence interval around 3 ¾ percentage points wide. — Chart 3.9: Confidence intervals around nominal GDP growth rate forecasts

Note: See note to Chart 3.8.

Source: ABS cat. no. 5206.0 and Treasury.

X Values	Central forecast	90 upper	70 upper	70 lower	90 lower
2007‑08	8.4
2008‑09	6.8
2009‑10	3.0
2010‑11	8.6
2011‑12	5.6
2012‑13	2.2
2013‑14	4.1
2013‑14 to 14‑15 (f)	1.6	3.42	2.75	0.45	‑0.22
2013‑14 to 15‑16 (f)	3.0	5.38	4.50	1.50	0.62

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This chart shows confidence intervals around the 2013‑14 MYEFO forecast for receipts (excluding GST) as a percentage of GDP. The 2013‑14 MYEFO forecast for receipts (excluding GST) is approximately 20.0 per cent of GDP in 2013‑14. The 90 per cent confidence interval for 2013‑14 is around 1.8 percentage points wide. — Chart 3.10: Confidence intervals around receipt forecasts

Note: The central line shows the outcomes and 2014‑15 MYEFO point estimate forecasts. Confidence

intervals use RMSEs for Budget forecasts from the 1998‑99 Budget onwards.

Source: Budget papers and Treasury.

X Values	Central forecast (% GDP)	90% upper	70% upper	70% lower	90% lower
2007-08	21.4
2008-09	20.0
2009-10	18.6
2010-11	18.2
2011-12	19.1
2012-13	19.9
2013-14	19.5
2014-15	20.3	21.14	20.82	19.72	19.40
2015-16	20.6	23.09	22.18	19.06	18.15

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This chart shows confidence intervals around the 2013‑14 MYEFO forecast for payments (excluding GST) as a percentage of GDP. The 2013‑14 MYEFO forecast for payments (excluding GST) is approximately 22.8 per cent of GDP in 2013‑14. The 90 per cent confidence interval for 2013‑14 is around 1.3 percentage points wide. — Chart 3.11: Confidence intervals around payment forecasts

Note: See note to Chart 3.10.

Source: Budget papers and Treasury.

X Values	Central forecast (% GDP)	90% upper	70% upper	70% lower	90% lower
2007-08	19.5
2008-09	21.8
2009-10	22.6
2010-11	21.3
2011-12	21.8
2012-13	21.0
2013-14	22.5
2014-15	22.6	23.19	22.96	22.19	21.96
2015-16	22.3	23.21	22.86	21.68	21.33

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Note: See note to Chart 3.10.

Source: Budget papers and Treasury.

X Values	Central forecast (% GDP)	90% upper	70% upper	70% lower	90% lower
2007-08	1.7
2008-09	-2.1
2009-10	-4.2
2010-11	-3.4
2011-12	-2.9
2012-13	-1.2
2013-14	-3.1
2014-15	-2.5	-1.34	-1.77	-3.25	-3.69
2015-16	-1.9	0.98	-0.07	-3.65	-4.70

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Note: A tax‑to‑GDP cap of 23.9 per cent is applied on 2014‑15 Budget and 2014‑15 MYEFO projections. No tax cap has been applied to 2013‑14 MYEFO projections.

Source: Australian Office of Financial Management and Treasury projections.

$ billion	2013‑14	2014‑15	2015‑16	2016‑17	2017‑18	2018‑19	2019‑20	2020‑21	2021‑22	2022‑23	2023‑24	2024‑25
2013‑14 MYEFO	313	360	398	436	478	518	560	592	619	645	667	0
2014‑15 Budget	319	361	395	433	447	457	458	446	431	412	389	362
2014‑15 MYEFO	319	370	415	461	484	505	516	515	509	506	499	491

Note: All figures rounded to the nearest billion.

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This chart shows that the proportion of Commonwealth Government Securities (CGS) held by non-residents has risen significantly since 2009, and remains at historically high levels. As at the September quarter 2014, 66.1 per cent of total CGS on issue were held by non-residents of Australia. — Chart 3.14: Non‑resident holdings of Commonwealth Government Securities

Note: Data refer to the market value of holdings.

Source: ABS Catalogue Number 5302.0 and Australian Office of Financial Management.

x values	Non‑resident Holdings of CGS (LHS) ($b)	Resident Holdings of CGS (LHS) ($b)	Proportion of non‑resident holdings (RHS) (per cent)
Jun‑03	22.5	42.4	34.7
Sep‑03	22.5	36.2	38.4
Dec‑03	24.3	33.9	41.7
Mar‑04	26.5	32.7	44.7
Jun‑04	28.0	32.2	46.5
Sep‑04	27.4	30.6	47.2
Dec‑04	29.7	29.1	50.6
Mar‑05	31.9	28.1	53.2
Jun‑05	34.4	27.8	55.3
Sep‑05	34.5	22.8	60.2
Dec‑05	33.6	25.5	56.8
Mar‑06	31.8	27.4	53.7
Jun‑06	32.6	26.3	55.3
Sep‑06	35.0	25.5	57.9
Dec‑06	32.0	23.3	57.8
Mar‑07	30.3	26.3	53.5
Jun‑07	32.6	23.9	57.7
Sep‑07	34.4	24.4	58.6
Dec‑07	39.2	17.6	69.0
Mar‑08	37.6	20.8	64.4
Jun‑08	35.9	22.5	61.4
Sep‑08	37.2	22.6	62.2
Dec‑08	44.2	23.1	65.7
Mar‑09	46.4	34.1	57.6
Jun‑09	51.9	55.4	48.4
Sep‑09	65.2	46.0	58.6
Dec‑09	72.8	50.6	59.0
Mar‑10	90.4	47.9	65.4
Jun‑10	105.0	52.4	66.7
Sep‑10	117.0	55.0	68.0
Dec‑10	125.7	56.0	69.2
Mar‑11	132.7	60.2	68.8
Jun‑11	140.9	60.9	69.8
Sep‑11	164.5	64.3	71.9
Dec‑11	185.0	64.8	74.1
Mar‑12	198.0	63.2	75.8
Jun‑12	204.6	65.2	75.8
Sep‑12	205.6	81.9	71.5
Dec‑12	204.4	91.4	69.1
Mar‑13	203.5	95.8	68.0
Jun‑13	196.6	89.1	68.8
Sep‑13	209.5	98.9	67.9
Dec‑13	216.6	104.4	67.5
Mar‑14	226.2	111.3	67.0
Jun‑14	238.9	112.4	68.0
Sep‑14	246.9	126.4	66.1

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Chart 3.15: Yield curve assumptions from 2014-15 to 2017-18 — Chart 3.15: Yield curve assumptions from 2014‑15 to 2017‑18

Source: Australian Office of Financial Management.

x values (maturities)	2013-14 Budget	2013-14 MYEFO	2014-15 Budget
1 Y	nfp	nfp	nfp
2 Y	nfp	nfp	nfp
3Y	nfp	nfp	nfp
4Y	nfp	nfp	nfp
5Y	nfp	nfp	nfp
6Y	nfp	nfp	nfp
7Y	nfp	nfp	nfp
8Y	nfp	nfp	nfp
9Y	nfp	nfp	nfp
10Y	nfp	nfp	nfp

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Mid-year Economic and Fiscal Outlook

Chart Data

Part 1: Overview

Part 2: Economic Outlook

Part 3: Fiscal Strategy and Outlook

x values (maturities)	2013-14 Budget	2013-14 MYEFO	2014-15 Budget
1 Y	nfp	nfp	nfp
2 Y	nfp	nfp	nfp
3Y	nfp	nfp	nfp
4Y	nfp	nfp	nfp
5Y	nfp	nfp	nfp
6Y	nfp	nfp	nfp
7Y	nfp	nfp	nfp
8Y	nfp	nfp	nfp
9Y	nfp	nfp	nfp
10Y	nfp	nfp	nfp

x values (maturities)	2013-14 Budget	2013-14 MYEFO	2014-15 Budget
1 Y	nfp	nfp	nfp
2 Y	nfp	nfp	nfp
3Y	nfp	nfp	nfp
4Y	nfp	nfp	nfp
5Y	nfp	nfp	nfp
6Y	nfp	nfp	nfp
7Y	nfp	nfp	nfp
8Y	nfp	nfp	nfp
9Y	nfp	nfp	nfp
10Y	nfp	nfp	nfp

x values (maturities)	2013-14 Budget	2013-14 MYEFO	2014-15 Budget
1 Y	nfp	nfp	nfp
2 Y	nfp	nfp	nfp
3Y	nfp	nfp	nfp
4Y	nfp	nfp	nfp
5Y	nfp	nfp	nfp
6Y	nfp	nfp	nfp
7Y	nfp	nfp	nfp
8Y	nfp	nfp	nfp
9Y	nfp	nfp	nfp
10Y	nfp	nfp	nfp