• “(e) when formulating revenue strategy, having regard to efficiency and fairness, including the predictability and stability of tax rates; and

• “(f) when formulating fiscal strategy, having regard to the interaction between fiscal policy and monetary policy; and

• “(g) when formulating fiscal strategy, having regard to its likely impact on present and future generations; and

• “(h) ensuring that the Crown's resources are managed effectively and efficiently.”

“26KA Contents of fiscal strategy report: management of the Crown's resources

• “(1) The fiscal strategy report must include details of the Government's strategy for managing expenditure, assets, and liabilities in the period of at least 3 financial years commencing with the financial year to which the report relates.

  “(2) Details of the Government's strategy for managing expenditure, assets, and liabilities may include—

  • “(a) the outcomes sought from new or reallocated expenditure, assets, and liabilities; and

  • “(b) any expected change over time in the major components of expenditure, assets, and liabilities.”

• “(c) an assessment of the extent to which the fiscal performance of the Government, in the period since the most recent substantial change in the political party composition of the administration, is consistent with the Government's fiscal strategy report (if any) for that period; and

• “(d) details of the Government's revenue strategy, including the Government's objectives for the tax system and tax policy.”

• “(4) In subsection (1)(c), administration means the Ministers of the Crown for the time being.”

• “(c) if the details of the Government's strategy for managing expenditure, assets, and liabilities (see section 26KA) have changed from those stated in the most recent fiscal strategy report, indicate those amended details.”

“Investment statement

“26NA Investment statement

• “(1) The Minister must, before the end of 2017 and then at intervals not exceeding 4 years, present to the House of Representatives an investment statement prepared by the Treasury.

  “(2) The investment statement must—

  • “(a) describe and state the value of the Crown's significant assets and liabilities; and

  • “(b) state how those assets and liabilities have changed in value over time; and

  • “(c) forecast how those assets and liabilities are expected to change in value in each of at least the next 2 financial years after the financial year in which the investment statement is presented; and

  • “(d) identify any significant differences between the information specified in paragraphs (a) to (c) and the equivalent information reported in the most recent previous investment statement.”

• “(aa) an investment statement under section 26NA(1):”.

“26Y Publication and availability of reports, statements, or updates

• “(1) The Minister must arrange for a specified document to be published on an Internet site maintained by or on behalf of the Treasury as soon as practicable after the specified document is—

  • “(a) published in advance of being presented to the House of Representatives (if permitted under section 26X); or

  • “(b) if paragraph (a) does not apply, presented to the House of Representatives.

  “(2) The Secretary must ensure that the specified document remains available on the Internet site for inspection by members of the public for at least 5 financial years after the financial year (or, if the document relates to more than 1 financial year, the first financial year) to which the document relates.

  “(3) Subsection (1)(a) is deemed to be satisfied if the advance publication referred to in that paragraph includes publication on an Internet site maintained by or on behalf of the Treasury, but subsection (2) applies to the specified document.

  “(4) In this section, specified document means—

  • “(a) a fiscal strategy report (see section 26I):

  • “(b) a budget policy statement (see section 26M):

  • “(c) a statement on the long-term fiscal position (see section 26N):

  • “(d) an investment statement (see section 26NA):

  • “(e) an economic and fiscal update (see section 26O):

  • “(f) a half-year economic and fiscal update (see section 26S):

  • “(g) a pre-election economic and fiscal update (see section 26T).”

• “(2) The application, savings, and transitional provisions relating to the amendment Acts specified in the first column of the following table are set out in the Parts of Schedule 1 specified in the second column of the table.”

  Amendment Act	Schedule 1 Part
  Public Finance Amendment Act 2013	Part 1
  Public Finance (Fiscal Responsibility) Amendment Act 2013	Part 2

Part 1
Provisions relating to Public Finance Amendment Act 2013

---

“”.

Part 2
Provision relating to Public Finance (Fiscal Responsibility) Amendment Act 2013

“9 Transitional provision relating to Public Finance (Fiscal Responsibility) Amendment Act 2013

• “(1) In this clause, commencement date means the day on which the Public Finance (Fiscal Responsibility) Amendment Act 2013 comes into force.

  “(2) Section 26M(3)(c) does not apply to a budget policy statement if the fiscal strategy report most recently presented to the House of Representatives was presented before the commencement date.

  “(3) Section 26NA(2)(d) does not apply to the first investment statement presented to the House of Representatives under section 26NA.

  “(4) This Part is repealed 4 years after the commencement date.”