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Australian Government Coat of Arms

Budget | 2014-15

Budget 2014-15
Australian Government Coat of Arms, Budget 2014-15

Budget Strategy and Outlook
Budget Paper No. 1

Circulated by

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

ISBN 978-0-642-74974-1

This publication is available for your use under a Creative Commons BY Attribution 3.0 Australia licence, with the exception of the Commonwealth Coat of Arms, third party content and where otherwise stated. The full licence terms are available from

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  1. The following definitions are used in this Budget Paper:
    • 'real' means adjusted for the effect of inflation;
    • real growth in expenses and payments 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.
  2. 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;
    • estimates midway between rounding points are rounded up; and
    • the percentage changes in statistical tables are calculated using unrounded data.
  3. For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.
  4. The following notations are used:
    not applicable (unless otherwise specified)
    millions of dollars
    billions of dollars
    not for publication
    estimates (unless otherwise specified)
    projections (unless otherwise specified)
    not elsewhere classified
  5. 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
  6. 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. 1: Budget Strategy and Outlook 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.