The Public Finance Act 1989 (PFA) requires the Minister of Finance to present a budget policy statement to the House of Representatives each year that sets out:
- the goals and objectives that will guide the Government's decisions in the forthcoming Budget, and
- the Government's short-term fiscal intentions, long-term fiscal objectives, and strategy for managing expenditure, assets and liabilities, if these have changed from those stated in the most recent fiscal strategy report.
This Budget Policy Statement (BPS) looks ahead to Budget 2025. It is released alongside, and draws on, the 2024 Half Year Economic and Fiscal Update (HYEFU).