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Barr finds $175 million under the couch

By johnboy - 14 August 2012 15

Andrew Barr has the surprising news that despite planning for a $125 million deficit last year the Territory booked a $50 million surplus:

The report shows that the ACT Budget position has improved by $175.9 million to a surplus of $50.4 million, compared to an estimated deficit of $125.5 million.

The improvement is largely due to one?off accounting adjustments in relation to income tax equivalents, Commonwealth revenues received late in the financial year or in advance, lower expenditures, actuarial revaluations and higher returns from land related activities.

Nice to know.

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15 Responses to
Barr finds $175 million under the couch
Motoristparty 8:58 pm 18 Aug 12

That might reduce the estimated borrowings by A.C.T. Gov From $790 Million to something more sensible for a small population. HA HA HA

PrinceOfAles 6:19 pm 14 Aug 12

gazket said :

I smell something burning, Labour cooking the books with lies and fantasy .

The only thing burning is the straws you`re clutching at.

gazket 5:32 pm 14 Aug 12

I smell something burning, Labour cooking the books with lies and fantasy .

davo101 4:23 pm 14 Aug 12

Chop71 said :

davo101 said :

So when there is a deficit you’d be happy to see a bill in the mail for your share?

We do ….. in the form of increased, parking, rego, rates and taxes every year.
It just would be nice to see something going down for once

So there you go. You’ll be getting your refund in the form of smaller increases in rates, parking, etc.

Chop71 2:54 pm 14 Aug 12

davo101 said :

Chop71 said :

Can’t wait to see this passed on to residents. Based on 358,000 residents a refund cheque of $488 per person would be nice 🙂

So when there is a deficit you’d be happy to see a bill in the mail for your share?

We do ….. in the form of increased, parking, rego, rates and taxes every year.
It just would be nice to see something going down for once

Deref 2:33 pm 14 Aug 12

davo101 said :

Chop71 said :

Can’t wait to see this passed on to residents. Based on 358,000 residents a refund cheque of $488 per person would be nice 🙂

So when there is a deficit you’d be happy to see a bill in the mail for your share?

Win.

Holden Caulfield 2:17 pm 14 Aug 12

So it’s the ACT Government who has won all the recent lottery megadraws.

davo101 2:06 pm 14 Aug 12

Chop71 said :

Can’t wait to see this passed on to residents. Based on 358,000 residents a refund cheque of $488 per person would be nice 🙂

So when there is a deficit you’d be happy to see a bill in the mail for your share?

CrocodileGandhi 2:00 pm 14 Aug 12

I think I meant Cotter dam. Unless that too is wrong.

CrocodileGandhi 1:58 pm 14 Aug 12

johnboy said :

Scrivener dam is not an ACT cost.

Learn something new everyday.

In that case, the program underspend is less noteworthy and more business as usual.

johnboy 1:51 pm 14 Aug 12

Scrivener dam is not an ACT cost.

CrocodileGandhi 1:51 pm 14 Aug 12

Rollersk8r said :

THIS ALWAYS HAPPENS!!! What is it about the ACT’s accounts that make them so unpredictable!?? Seriously, tell me I’m wrong, this has been happening for years and years! I distinctly remember Stanhope, Corbell and Gallagher all attempting to explain these fluke surplusses.

It’s all doom and gloom, tough budgets, working families, we’re missing out on our share of GST, can’t afford a 2% pay rise for teachers – and then whoops, here’s a great big pile of surplus that nobody thought to count!!!

All Govt accounts are unpredictable. The ACT is not special in this regard. However, the last financial year in particular will see most states and territories recieving money that had not been budgeted as the Federal Government brought forward a lot of expenditure, including payments to the States, in order to reach their surplus in 12-13. Further, the press release says that there was lower than forecast expenditure. So this means that it’s likely that in the current financial year there will be higher than forecst expenditure in order to catch up. It’s interesting that expenditure was lower than forecast last financial year given the increased costs to projects such as the Scrivener Dam.

Chop71 1:45 pm 14 Aug 12

Can’t wait to see this passed on to residents. Based on 358,000 residents a refund cheque of $488 per person would be nice 🙂

PantsMan 1:34 pm 14 Aug 12

ACT Treasury fudging the numbers again?

Rollersk8r 1:30 pm 14 Aug 12

THIS ALWAYS HAPPENS!!! What is it about the ACT’s accounts that make them so unpredictable!?? Seriously, tell me I’m wrong, this has been happening for years and years! I distinctly remember Stanhope, Corbell and Gallagher all attempting to explain these fluke surplusses.

It’s all doom and gloom, tough budgets, working families, we’re missing out on our share of GST, can’t afford a 2% pay rise for teachers – and then whoops, here’s a great big pile of surplus that nobody thought to count!!!

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