New South Wales Consolidated Acts

CHARTER OF BUDGET HONESTY (ELECTION PROMISES COSTING) ACT 2006 - SECT 12

12 Budget impact statements for all costed policies

(1) The Secretary of the Treasury is to prepare, during the pre-election period, a budget impact statement for all Treasury costed Government policies and a budget impact statement for all Treasury costed Opposition policies.

(2) A budget impact statement is to list the relevant Treasury costed policies and show:

(a) a summary of the assessed financial impact of each costed policy, and

(b) the total net financial impact of all the costed policies,

on the current year’s State budget and on the forward estimates for the period to which the pre-election half-yearly budget review relates. The budget impact statement is also to show the impact of all the costed policies on the State’s net financial liabilities.

(3) The Secretary of the Treasury is to provide, on the day that is the fifteenth last day before the State election, a draft budget impact statement to the Premier and to the Leader of the Opposition in relation to their respective policies.

Note: For the purposes of the general election due to be held on 24 March 2007, the draft statements are to be provided on 9 March 2007.

(4) The Premier and the Leader of the Opposition may, within 48 hours after being provided with a draft budget impact statement, notify the Secretary of the Treasury in writing of their final list of Treasury costed policies for inclusion in the budget impact statement.

(5) The Secretary of the Treasury is to:

(a) revise the draft budget impact statements in accordance with any such notification, and

(b) publicly release both of the final budget impact statements on the day that is the fifth last day before the State election.

Note: For the purposes of the general election due to be held on 24 March 2007, the final statements are to be released on 19 March 2007.