Budget Paper No. 2
The Honourable J. B. Hockey MP
Treasurer of the Commonwealth of Australia
Senator the Honourable Mathias Cormann
Minister for Finance of the Commonwealth of Australia
For the information of honourable members
on the occasion of the Budget 2014‑15
13 May 2014
© Commonwealth of Australia 2014
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Budget Paper No. 2, Budget Measures 2014‑15 ensures that the Budget Papers provide comprehensive information on all Government decisions that involve changes to its revenue, expense and investing activities since the Mid‑Year Economic and Fiscal Outlook 2013‑14.
Budget Paper No. 2 comprises three parts:
- Part 1: Revenue Measures
- Part 2: Expense Measures
- Part 3: Capital Measures
Revenue measures are defined as those measures that affect taxation or non‑taxation revenues (on a Government Finance Statistics basis).
Expense measures are defined as those measures that affect expenses (on a Government Finance Statistics basis).
Capital measures are defined as those measures that affect net capital investment, defined as the change in non‑financial assets. Capital measures that fall outside of this definition, such as equity injections or loans used for purposes other than investment in non‑financial assets, are shown as having a zero impact on the fiscal balance.
- The following definitions are used in this Budget Paper:
- 'real' means adjusted for the effect of inflation;
- real growth in expenses is calculated using the Consumer Price Index (CPI) as the deflator;
- the Budget year refers to 2014‑15, while the forward years refer to 2015‑16, 2016‑17 and 2017‑18; and
- one billion is equal to one thousand million.
- Figures in tables and generally in the text have been rounded. Discrepancies in tables between totals and sums of components are due to rounding.
- estimates under $100,000 are rounded to the nearest thousand;
- estimates $100,000 and over are generally rounded to the nearest tenth of a million; and
- estimates midway between rounding points are rounded up.
- For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.
- The following notations are used:
- not applicable
- not zero, but rounded to zero
- millions of dollars
- billions of dollars
- not for publication
- Council of Australian Governments
- Australian Eastern Standard Time
- not elsewhere classified
- The nature of this measure is such that a reliable estimate cannot be provided.
- The Australian Capital Territory and the Northern Territory are referred to as 'the Territories'. References to the 'States' or 'each State' include the Territories. The following abbreviations are used for the names of the States, where appropriate:
- New South Wales
- Western Australia
- South Australia
- Australian Capital Territory
- Northern Territory
- In this paper, the term 'Commonwealth' refers to the Commonwealth of Australia. The term is used when referring to the legal entity of the Commonwealth of Australia.
The term 'Australian Government' is used when referring to the Government and the decisions and activities made by the Government on behalf of the Commonwealth of Australia.
Budget Paper No. 2, Budget Measures 2014‑15 is one of a series of Budget Papers that provides information to supplement the Budget Speech. A full list of the series is printed on the inside cover of this paper.