4a317c29_lian_Broadcasting_Corporation___Definition
[Term] PEFO [Definition] 
The Pre-Election Economic and Fiscal Outlook was released by the Federal Treasury shortly before the last election, and represents Treasury's and Finance's predictions on the current and future state of the economy. While budget bottom lines are often open to manipulation by governments, the PEFO is put together independently and the only outlook signed off by the heads of Treasury and Finance.
Budget 2014: Deficit tax may raise a lot less than Treasury forecasts says analyst - ABC News (Australian Broadcasting Corporation)
Definition