Before each federal election, the heads of the Commonwealth departments of treasury and finance release a report on the state of the government’s budget, together with updated economic forecasts. It is known as the pre-election fiscal and economic update, or PEFO.
Before PEFO was introduced in 1998, when a government changed hands it was routine for the newly-elected government to renege on its promises by saying something along the lines of: …we are shocked, just shocked! We had no idea how bad the country’s finances were!
PEFO has done away with that excuse forever. It means both sides of politics know the state of the books going into the election.
Parties’ promises are made with that full knowledge. Incoming governments no longer have a budgetary policy excuse for dropping their promises.
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