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Budget Management That Counts: Recent Approaches to Budget and Fiscal Management in New Zealand

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Abstract

Budget management in New Zealand altered substantially with the implementation of the Public Finance Act 1989 and the Fiscal Responsibility Act 1994. The paper sets out the evolution of fiscal and budget management over the last ten years, in response to the fiscal policy and financial management framework. It focuses on the top-down management of spending aggregates and how this has evolved into the “fiscal provisions” framework. The paper concludes with an illustration of the challenges facing the provisions framework. Work is currently underway to consider the challenges that have arisen through its operation over the last five years. This paper is a companion paper to Treasury Working Paper 01/25 New Zealand’s Fiscal Policy Framework: Experience and Evolution by John Janssen.

Suggested Citation

  • Angela Barnes & Steve Leith, 2001. "Budget Management That Counts: Recent Approaches to Budget and Fiscal Management in New Zealand," Treasury Working Paper Series 01/24, New Zealand Treasury.
    • Handle: RePEc:nzt:nztwps:01/24
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    File URL: https://treasury.govt.nz/sites/default/files/2007-09/twp01-24.pdf
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    1. Robert Buckle & Kunhong Kim & Julie Tam, 2002. "A structural var approach to estimating budget balance targets," New Zealand Economic Papers, Taylor & Francis Journals, vol. 36(2), pages 149-175.
    2. Murray Petrie & David Webber, 2001. "Review of Evidence on Broad Outcome of Public Sector Management Regime," Treasury Working Paper Series 01/06, New Zealand Treasury.
    3. Julie Tam & Heather Kirkham, 2000. "Automatic Fiscal Stabilisers: Implications for New Zealand," Treasury Working Paper Series 01/10, New Zealand Treasury, revised 2001.
    4. John Janssen, 2001. "New Zealand's Fiscal Policy Framework: Experience and Evolution," Treasury Working Paper Series 01/25, New Zealand Treasury.
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    Cited by:

    1. Susan Newberry, 2003. "`Sector Neutrality‘ and NPM‘Incentives’: Their Use in Eroding the Public Sector," Australian Accounting Review, CPA Australia, vol. 13(30), pages 28-34, July.
    2. Hideaki Tanaka, 2005. "Fiscal Rules and Targets and Public Expenditure Management - Enthusiasm in the 1990s and its Aftermath," Finance Working Papers 22705, East Asian Bureau of Economic Research.
    3. Hideaki Tanaka, 2005. "Fiscal Rules and Targets and Public Expenditure Management: Enthusiasm in the 1990's and its Aftermath," Asia Pacific Economic Papers 346, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
    4. John Janssen, 2001. "New Zealand's Fiscal Policy Framework: Experience and Evolution," Treasury Working Paper Series 01/25, New Zealand Treasury.

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    More about this item

    Keywords

    Fiscal provisions; fixed nominal baselines;

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems

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