Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Hansard source

No, leave him. The question was about to go to a vote without the member being properly informed. Clause 64E(2) of the bill we are debating now says:

(2) The Parliamentary Budget Officer's functions … do not include:

(a) preparing economic forecasts; or

(b) preparing budget estimates.

If you go to 64E(3), which is what we are seeking to exclude, it says:

(3) In performing his or her functions under subsection (1), the Parliamentary Budget Officer must use the economic forecasts and parameters and fiscal estimates contained in the most recent relevant reports released under Parts 5, 6 and 7 of Schedule 1 to the Charter of Budget Honesty Act 1998.

I have the Charter of Budget Honesty here, containing statements from Peter Costello, and I refer you to box 2, which lists fiscal reports and their responsibility:

Report: Fiscal Strategy—Responsibility: Government

Report: Mid-year Economic and Fiscal Outlook—Responsibility: Government

Report: Pre-election Economic and Fiscal Outlook—Responsibility: Treasury/Finance

So the only document that has forecasts that actually belong to the Treasury is the one just before the election, which is required to be released, I think, 10 days after the writs are issued. In every other document the forecasts actually belong to the Treasurer. Under this bill before the House, they cannot go back to the Treasury; the only information they can use is that in schedule 1 of the Charter of Budget Honesty Act. It is emphatic and it is clear. That is why they are not responding.

Debate adjourned.

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