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6. Conclusions
- The Treasury's recommended option is a series of additions to the fiscal responsibility provisions of the Public Finance Act, namely:
- A new principle and reporting requirement relating to the interaction between fiscal policy and economic cycles;
- A new principle and reporting requirement around managing public resources efficiently and effectively;
- An extension of the current principle relating to tax;
- A new principle relating to the inter-generational impacts of fiscal policy;
- New requirements for periodic review of past fiscal policy; and
- Codification of the existing practices of producing a revenue strategy and an Investment Statement of the Government of New Zealand.
- The options this RIS considers that the Treasury does not recommend are:
- A spending limit as a new principle of responsible fiscal management;
- The establishment of an independent fiscal council; and
- Requirements for increased reporting of tax expenditures.
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