BUDGET 2009-10: A HEALTHY MID YEAR ECONOMIC AND FISCAL OUTLOOK?

Abstract

The purpose of the MYEFO report is to provide updated information to allow the assessment of the Government’s fiscal performance against the fiscal strategy set out in the current Budget Papers. The Treasurer must publicly release and table a Mid-year Economic and Fiscal Outlook (MYEFO) report by the end of January in each year, or within 6 months after the last budget, whichever is later. Typically, the MYEFO is released in November each year. This year it was released on November 2. Over the past 12 months the global economic conditions have seriously impacted the fiscal outlook so this year the MYEFO was anxiously anticipated.