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International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper evaluates Australia’s experience with its principles-based fiscal framework. A key contribution of the paper is an evaluation of whether the medium-term budget balance anchor remains suitable in the post-Global Financial Crisis (GFC) economic environment. This paper analyzes the medium-term fiscal strategy (MTFS) in the context of the principles underlying the fiscal framework and offers suggestions for reinforcement. Comparing the alternative and current fiscal policy toolkits under a downside scenario demonstrates possible improvements to fiscal outcomes. The evaluation outlines that the operational principles of the MTFS have been consistent with the broad principles for sound fiscal policy laid out in the Charter, although implementation has involved difficult trade-offs. Options to deal with the treatment of debt, its accountability framework and its fiscal policy toolkit should help strengthen the statement and implementation of Australia’s fiscal strategy and reinforce its fiscal framework in the current and prospective economic environment.
International Monetary Fund. Asia and Pacific Dept

Treasury; ABS; IMF staff calculations. 22. Another important contribution has been the creation of a strong Infrastructure Australia . While its impact is less quantifiable, Infrastructure Australia has acted as an arm’s-length costing and advisory agency since 2012, at both Commonwealth and State levels. It is responsible for auditing federally significant infrastructure projects as well as developing and renewing a 15-Year Infrastructure Plan that specifies Commonwealth and State priorities. It has helped elevate the amount of investment in high-quality projects

International Monetary Fund. Asia and Pacific Dept