More to come

The Budget papers make it clear that the announcements of 14 May 2020 are not the final word. Treasury observes that the swiftly evolving impact of COVID-19 has meant that the documents released on 14 May do not capture all of the Government decisions with fiscal implications that have been made up until that date.

Decisions that have not been captured in the Budget papers are scheduled to be incorporated in the 2020 Pre-Election Economic Fiscal Update.

The Update is due to be published between 10 and 21 August 2020.

It was indicated that the Update is likely to have only a minor impact given that the adjustments are likely to be for individual decisions taken within the $62.1 billion of expenditure to support the COVID-19 response and recovery. Treasury expects to announce on 22 May those initiatives that were not able to be incorporated in the Budget papers released on 14 May.

Treasury added that expenditure for the 2020/21 fiscal year that does not have existing Parliamentary approval will be the subject of further legislation. The appropriate Estimates Bill will be introduced into Parliament on 14 May 2020.

Some adjustment to the Parliamentary appropriations for the 2019/20 fiscal year may also be necessary. Legislation on that topic is expected to be introduced into Parliament in mid-June 2020.