The Australian Parliamentary Budget Office: A Sustainable Innovation in Fiscal Decision-Making?

Abstract

The establishment of the new Australian Parliamentary Budget Office in 2012 has created a body capable of increasing the transparency and accountability of public finance by providing independent policy costings, budget analysis, and forecasts to the Parliament. This working paper examines the role and mandate of the Office in the context of comparable independent fiscal institutions in the US, the Netherlands, UK and Canada. It finds that there is a marked difference between the role and mandates of ‘veteran’ and ‘new generation’ institutions that has stemmed from their distinct origins. Critical to the success and credibility of all institutions appear to be local ownership, political commitment, and adequate funding.

Keywords: Austraiian Parliamentary Budget Office

JEL Classification: K00, K34