Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon. Josh Frydenberg MP)
Chapter 15 Delaying the next intergenerational report until mid-2021
Outline and context of amendments
15.1 Schedule 15 to this Bill amends the Charter of Budget Honesty to delay the next intergenerational report from 2020 to mid-2021.
15.2 The Charter of Budget Honesty requires the Treasurer to publicly release and table an intergenerational report every five years. The most recent intergenerational report was published in 2015 with the next due to be released in 2020.
15.3 The impact of the Coronavirus makes it difficult to make forecasts around the economy. Delaying the intergenerational report to mid-2021 will ensure there is adequate time to produce long term projections that are based on robust budget estimates.
Detailed explanation of new law
15.4 The Charter of Budget Honesty is amended to require the next intergenerational report to be publicly released and tabled by mid-2021. Thereafter the Treasurer will be required to publicly release and table an intergenerational report every five years. [Schedule 15, paragraph 20(1)(a) of Schedule 1 to the Charter of Budget Honesty]
Application and transitional provisions
15.5 Schedule 15 to this Bill commences on the day after this Bill receives Royal Assent.