2012-13 Government Mid-year Financial Projections Statement

CHAPTER 2Financial StrategyHIGHLIGHTS The Government is on track to meet all of its financial targets in 2012-13, includinga forecast operating surplus for the general government sector of $140 million. An operating deficit for the general government sector is currently forecast for2013-14. Should a deficit still be in prospect when the 2013-14 Budget is beingprepared, measures to address this shortfall will be considered at that time. All other financial targets are projected to be met across the forward estimatesperiod.OverviewThis chapter provides an assessment of the mid-year review financial projections againstthe Government’s financial targets, as required by the Government FinancialResponsibility Act 2000. The following financial targets were detailed in the2012-13 Budget:maintain or increase the real net worth of the total public sector;achieve an operating surplus for the general government sector;maintain the ratio of non-financial public sector net interest costs as a share ofrevenue at or below 4.5%;ensure that real per capita own-purpose general government expenses do notincrease; andprovide a fair and efficient taxation system that is competitive with other AustralianStates.45