The Department of Treasury and Finance forecasts a number of macroeconomic aggregates for inclusion in the budget papers. These forecasts have three main purposes: they provide a framework for presenting the economic context in which the budget is developed; most of the economic aggregates or their sub-components are used in the modelling of taxation and other revenue lines; and forecasts of nominal gross state product (GSP) are used to express key financial aggregates in relation to the size of the economy, such as non-financial public sector net debt to nominal GSP. The data source contains the seven published aggregates for the budget papers (Budget and Budget Update): real GSP growth; level of nominal GSP; employment growth; unemployment rate; growth in the consumer price index; growth in the wage price index; and annual population growth.

The Department forecasts a number of macroeconomic aggregates for inclusion in the budget papers. These forecasts have three main purposes: they provide a framework for presenting the economic context in which the budget is developed; most of the economic aggregates or their sub-components are used in the modelling of taxation and other revenue lines; and forecasts of nominal gross state product (GSP) are used to express key financial aggregates in relation to the size of the economy, such as non-financial public sector net debt to nominal GSP. The spreadsheet below contains the seven published aggregates for the budget papers (Budget and Budget Update): real GSP; nominal GSP; employment; unemployment; the consumer price index; the wage price index; and population.

These forecasts have three main purposes: •they provide a framework for presenting the economic context in which the budget is developed; •most of the economic aggregates or their sub-components are used in the modelling of taxation and other revenue lines; and •forecasts of nominal gross state product (GSP) are used to express key financial aggregates in relation to the size of the economy, such as non-financial public sector net debt to nominal GSP. The spreadsheet below contains the seven published aggregates for the budget papers (Budget and Budget Update): •real GSP growth; •level of nominal GSP; •employment growth; •unemployment rate; •growth in the consumer price index; •growth in the wage price index; and •annual population growth.

The State’s taxation revenue is forecast by a process that involves: application of the Department of Treasury and Finance’s economic forecasts, where there is a relationship between taxation revenue and economic variables; and use of forward indicators, unpublished revenue data and qualitative information from liaison with relevant stakeholders. This enables an assessment of economic and other factors influencing the tax bases from which taxes are sourced e.g. for payroll tax, an assessment of the outlook for employment. Where necessary, adjustment factors are used to account for other trends or events not captured by the model, such as impact of economic shocks or policy stimulus. The download contains the eight taxation data series: total taxation revenue; payroll tax; land tax; land transfer duty; gambling taxes; insurance taxes; motor vehicle taxes; and other taxes.

The financial reports for the Department assist assessments of forecast financial performance, and its use of the parliamentary authority for resources.The tables in the spreadsheet display financial performance data via the comprehensive operating statement, the balance sheet, the cash flow statement, the statement of changes in equity, administered items statements, and payments on behalf of the State (where applicable).The datasets should be read in conjunction with Budget Paper No. 3 Service Delivery which provides an overview of the goods and services funded by the Government and delivered by departments in the coming financial year.

The financial reports for the Department assist assessments of forecast financial performance, and its use of the parliamentary authority for resources.The tables in the spreadsheet display financial performance data via the comprehensive operating statement, the balance sheet, the cash flow statement, the statement of changes in equity, administered items statements, and payments on behalf of the State (where applicable).The datasets should be read in conjunction with Budget Paper No. 3 Service Delivery which provides an overview of the goods and services funded by the Government and delivered by departments in the coming financial year.