What the official record says
This Act is the Spending Cap (People's Veto) Act . This Act comes into force on the day after the date on which it receives the Royal assent. The purpose of this Act is to limit the annual increase in government spending. To this end, the Act— provides a formula for calculating an annual spending cap for specified expenses, under which the amount of the spending cap changes each financial year— in direct proportion to the rate of inflation and the rate of population change; and in accordance with the results of any spending cap referendum relating to that financial year; and requires the Minister to report to the House of Representatives on whether specified expenses incurred in a financial year are within the spending cap for that year. In this Act, unless the context otherwise requires,—