The purpose of the Budget Review 2007–08 is to assist Senators and Members by identifying some of the key features of Budget measures contained in the Commonwealth Budget 2007–08. While selective in focus, it is not the intention of this document to make value judgements about the relative importance of different measures or to provide a comprehensive overall assessment of the Budget.

Nevertheless, the opening feature article provides analyses and comments on the broader economic context of the Budget and the underlying assumptions underpinning the Government's fiscal strategy. Similarly, the second article adopts a broad perspective in examining aspects of the Budget that give effect to the Government’s Industry Statement as announced on 1 May 2007 and the sixth article provides an overview of social policy aspects of this year’s Budget. The remaining articles are more tightly focussed and examine the impact of the Budget across a broad range of specific issues and initiatives.

The Budget Review 2007–08 has necessarily been prepared under time pressure with a view to making it available to parliamentarians as soon as possible after the handing down of the Budget. While great care has been taken to ensure that this brief is accurate and balanced, it is written using information publicly available at the time of production. Clients of the Library are invited to raise any points requiring amplification or clarification directly with the research specialist concerned and any general comments on papers are also welcome. Any other feedback should be forwarded to me.

Roxanne Missingham

Parliamentary Librarian

May 2007