Australia’s Experience with Long-Term Budgeting
Australia is one of the leaders in long-term budgeting. The figure immediately below shows how the long-term budget outlook improved in Australia between the first intergenerational report made in 2002 (IGR1) and the second 5 years later (IGR2).
Australian Intergenerational Report, 2007: Comparison of IGR1 and IGR2 Projections of Primary Balance
NOTE: Since IGR1, there have been some changes in projection methodologies incorporating new data and modeling approaches.
Australia’s Operation Sunlight
On April 16, 2006, the then Shadow Minister for Finance released a discussion paper entitled “Operation Sunlight—Enhancing Budget Transparency” setting out recommendations to enhance budget transparency and accountability. The report, revised in 2008, proposes that the Australian government, among other things:
SOURCE: Commonwealth of Australia (2007). Reproduced by permission.