Treasury Releases 2024-25 Portfolio Budget Statements for Government Entities

The Treasury has unveiled the highly anticipated 2024-25 Portfolio Budget Statements (PBS) detailing the planned resource allocations for various government entities. The purpose of these statements is to provide transparency and insight into how resources are earmarked for achieving government outcomes by entities within the portfolio.

Entities derive resources from a mix of annual appropriations Acts, special appropriations, and revenues from diverse sources. The PBS play a crucial role in clarifying and justifying the proposed annual appropriations in the forthcoming Appropriation Bills for 2024-25, as mandated by the Appropriation Acts.

Declared as ‘relevant documents’ by the Appropriation Acts, the PBS are instrumental in interpreting the Acts in accordance with section 15AB of the Acts Interpretation Act 1901. They serve as crucial Budget-related papers, elucidating the purpose behind each outcome outlined in the appropriation bills.

As stipulated in the Charter of Budget Honesty Act 1998, the PBS exclusively encompass entities within the general government sector. Entities falling under this purview, and those receiving funding through annual appropriation Acts, either directly or via portfolio departments, are obligated to produce PBS.

The release of the 2024-25 Portfolio Budget Statements marks a significant milestone in clarifying resource allocations and financial planning for various government entities. With the fiscal estimates contained within these statements, parliamentarians and the public gain crucial insights into the intended spending and resource management strategies of the government.