Published 14 Dec 2010
The reporting that the Public Finance Act 1989 (PFA) requires of the Minister of Finance consists of two fiscal
responsibility documents: the Budget Policy Statement (BPS) (normally released in December) and the Fiscal Strategy
Report (FSR) (released alongside the Budget - normally in May). The BPS must state the broad strategic priorities by
which the Government will be guided in preparing the forthcoming Budget. The requirements of the BPS are to:
• state the overarching policy goals that will guide the Government's Budget decisions
• state how the Budget accords with the Government's short-term fiscal intentions
• state any changes to the Government's long-term fiscal objectives
• state any changes to the Government's short-term fiscal intentions, and
• explain how any changes in long-term fiscal objectives and short-term fiscal intentions accord with the
principles of responsible fiscal management.
The Budget Policy Statement (BPS) 2011 was published on 14 December 2010 with the Half Year Economic and Fiscal Update (HYEFU) 2010 and the 2010 Investment Statement of the Government of New Zealand.
ENDS