Guide to New Zealand budgeting practices
In New Zealand, we collectively describe our budgeting practices as the Fiscal Management Approach (FMA). The FMA is the core tool, or the "rules of the game", for ensuring that the Government's decisions are consistent with their fiscal strategy. The FMA as we currently know it was introduced in 2003, building upon the "fiscal provisions" framework used in the late 1990s.
There have been adjustments made to the framework since then (for example, introducing the in-year revisions process), but the fundamental building blocks of fixed nominal baselines and allowances for new expenditure have remained constant.