The Mid-Year Economic and Fiscal Outlook (MYEFO) updates the economic and fiscal outlook from the previous budget. Clause 14 of the Charter of Budget Honesty requires the release of a MYEFO each year by the end of January, or six months after the last budget, whichever is later.

As well as updating the economic and fiscal outlook, the MYEFO updates the budgetary position. In particular, the MYEFO takes account of all decisions made since the release of the budget which affect expenses and revenue and hence revises the budget aggregates. An appendix to MYEFO summarises all policy decisions taken since the budget.