The Common Planning Assumptions use standard definitions of terms as per the Australian Bureau of Statistics (ABS) except where noted.
Forecast: Forecasts speculate future values with a certain level of confidence, based on current and past values as an expectation (prediction) of what will happen.
Projections: Projections indicate what future values would be if the assumed patterns of change were to occur. They are not a prediction. A projection simply indicates a future value for the outputs if the set of underlying assumptions occur.
Target: A target is either the intended outcome of a policy intervention, or a metric used to shape and define policy. Development of targets frequently builds on, and is informed by, both forecasts and projections.