Skip to content Skip to main navigation

News

Avani Terraces - Greenway
Life is looking up

Budget updated!

By johnboy - 18 May 2009 8

Katy Gallagher has announced that just two weeks after putting out her first budget she’s had to have another go after the Federales pulled the rug out from under her numbers.

    “Based on the forecasts of the national GST Pool published in the Commonwealth Budget, the ACT’s GST revenue in 2008-09, 2009-10 and across the forward years, is expected to drop further by around $200 million,” Ms Gallagher said.

    The ACT’s National Special Purpose Payments (SPPs) have also been revised down by about $20 million, however, $12.5 million of that reduction is in funding to non government schools and therefore has no impact on the Territory’s Operating Balance.

    The Treasurer said as a result of Commonwealth Budget variations to grant funding, including GST, SPPs and National Partnership Payments (NPPs), the Territory’s headline Operating Balance had deteriorated further to deficits of around $135 million in 2009-10, $159 million in 2010-11, $211 million in 2011-12 and $205 million in 2012-13.

    “The magnitude of the fiscal shock has been quite extraordinary. The Territory had already lost $289 million over five years in GST revenue and that’s now increased by a further $200 million. That’s on top of losses of $322 million in interest income, a $247 million drop in conveyance revenue and reduced returns of $193 million on superannuation related investments.

    “The revised revenue forecasts have made the challenge of returning the Budget to surplus by 2015‑16 that little bit harder, but the Government remains committed to its seven year recovery strategy,” Ms Gallagher said.

The strategy for making appropriate savings (worry about it next year and hope things have improved by then) remains unchanged.

What’s Your opinion?


Post a comment
Please login to post your comments, or connect with
8 Responses to
Budget updated!
TP 3000 8:51 am 19 May 09

bd84 said :

budget update: HELP! we’re sinking!

I swear all the state budgets used to come out after the federal, maybe they now release them earlier to try and influence the government to give them more money?

But as far as I know, only ACT & Victoria released their budgets before the Federal Government. Why can’t the Federal Government release their budget in the first Tuesday of May & the states release their budget in the third week of May? That gives the states a chance to digest what they have. Also I don’t think that everyone really cares what other state governments are doing, so the media don’t have to tell the rest of the country that Kalgoorlie will get an extra teacher next financial year.

bd84 10:26 pm 18 May 09

budget update: HELP! we’re sinking!

I swear all the state budgets used to come out after the federal, maybe they now release them earlier to try and influence the government to give them more money?

peterh 12:39 pm 18 May 09

caf said :

You really think the budget only takes a week or two to put together?

no, but the estimates need to come from the feds, don’t they? what is the point of having to re-calculate the budget after the fed budget? makes more sense to keep the final figures in a holding pattern until after the feds release theirs. as long as the budget is out prior to june 30, everyone would be happy?

caf 12:15 pm 18 May 09

You really think the budget only takes a week or two to put together?

AG Canberra 12:07 pm 18 May 09

So why exactly do we release our budget before the Federal one when we are so reliant on what they will be giving us? Surely a week or two later won’t make that much difference?

peterh 11:39 am 18 May 09

recycled water, no less.

weeziepops 11:09 am 18 May 09

Glass of tap water, at that.

punkarella 10:59 am 18 May 09

Champagne, Champagne for everyone! Whoops, um…glass of water for everyone!

Related Articles

CBR Tweets

Sign up to our newsletter

Top
Copyright © 2017 Riot ACT Holdings Pty Ltd. All rights reserved.
www.the-riotact.com | www.b2bmagazine.com.au | www.thisiscanberra.com

Search across the site