The May 12 budget will present things differently

But it's okay. It's a good thing.

Instead of 2 years of "forecasts" followed by 3 years of "projections" based on (at times unrealistic) historical long-term trends, it'll include an extra year of forecasts and then realistic projections.

Wayne Swan and Ken Henry have detailed the changes in letters to state Treasurers, reproduced below.

2009-10 budget forecasts and projections

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