22 September 2008

MEDIA STATEMENT
Immediate Release

PREFU details confirmed

“As announced by the Minister of Finance, the Treasury will be publishing the Pre-election Economic and Fiscal Update (PREFU) on Monday, 6 October 2008,” Secretary to the Treasury John Whitehead said today.

The Public Finance Act (PFA) requires the publication of a PREFU to provide an indication of the most up-to-date economic and fiscal position that an incoming government will face. The Act makes it clear that provision of the fullest information possible is intended.

“I have decided that this and subsequent PREFUs will include projections of the medium-term fiscal position and a brief discussion of the longer-term,” Mr Whitehead said.

Previously, medium-term projections have been posted separately on the Treasury website at the time of the PREFU publication.

“The medium-term projections will incorporate the Treasury’s best judgement as to the most appropriate interpretation of current policy in projecting beyond the five-year forecast period,” Mr Whitehead said.

Mr Whitehead noted that a Half Year Economic and Fiscal Update is not required under the PFA if the PREFU is published between 1 October and 31 December.

ENDS

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