Mid-year budget review to be delayed

Treasurer Andrew Fraser has said the Government’s planned Major Economic Statement, incorporating the Mid-Year Review, will be delayed.

The Government had intended to deliver the statement on 2 December, but this week’s storm damage and the COAG meeting scheduled for 29 November has necessitated the statement being delayed.

“While the full damage bill from this week’s storms was not yet clear, it adds to the pressures on the state budget from the fallout of the global financial crisis.”

Mr Fraser said that with the Treasurer’s meeting scheduled for 28 November and COAG the next day (29 November), extra time would be needed to factor in any new financial agreements made at these meetings.

“There are significant reform proposals for Commonwealth/State relations to be dealt with at COAG, and these potentially have large ramifications for the state’s finances.”

Mr Fraser said he expected that the Major Economic Statement would be issued by mid-December.

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