Pre-election Economic and Fiscal Outlook 2025

Treasury has published the Pre-election Economic and Fiscal Outlook (PEFO) report as required within 10 days of the issue of the writs for a general election.

The 2025 PEFO includes:

• Fiscal estimates for the current financial year (2024–25) and the following four financial years (2025–26, 2026–27, 2027–28 and 2028–29)

• Economic and other assumptions for the current financial year and the following four financial years used in preparing these updated fiscal estimates

• Discussion of the sensitivity of updated fiscal estimates to changes in those economic and other assumptions

• Debt aggregates and similar information presented in the debt statement

• An updated set of financial statements and summary of the external reporting standards used in the preparation of the 2025 PEFO (Appendix A)

• A list of policy decisions taken by the Government since the 2025–26 Budget and decisions that were taken but not announced at that time (Appendix B)

• An updated statement of the risks that may have a material effect on the fiscal outlook (Appendix C).