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I’ve got lots of your Money

By Jazz 16 August 2007 13

The ACT has an extra $80 million in surplus from what they budgeted according to this story. The coffers are boosted due to land sales we’re told, but I would say they’re also boosted by increases in rates, making telcos and utilities lease the land they use (costs which are passed straight onto us) and other levies (never taxes) that we’ve been hit with over the last year.

Does anyone know if any schools have been sold off yet and how much they have contributed to the ACT govt coffers.

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I’ve got lots of your Money
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thetruth 10:24 pm 17 Aug 07

The fact still remains that taxes in the ACT are high, the Stanhope government is profiting on land sales at a time where affordability is poor. I am all for the whole community getting the benefit of selling a lease on their community asset – but there are many existing owners that purchased their first house when governments did not act like developers and restrict supply to maximise profits. The ACT government is a monopoly player in this market. It also has a conflict of interest in keeping values high in relation to stamp duties and rates.

What if we had an independent land supply office (not the current so called independent). That acted like the RBA with a requirement to issue land so that the price of housing was kept between 24% and 28% of average weekly earnings in the ACT (or some other affordability target that made sense)

noodle 9:51 pm 17 Aug 07

The ACT government should take on some debt if trying to pay for infrastructure. That way everyone pays it off over time, instead of everyone having to pay the whole cost now because of the high taxes the ACT government keeps piling on! Have anyone looked at their rates bill lately? The housing affordability problem is a state/territory problem as well as a federal government problem, and I don’t see any politicans at any level properly dealing with it. Its all just buck passing from what I can tell.

thetruth 7:14 pm 17 Aug 07

“Paying off debt no longer puts downward pressure” Well them let just keep on borrowing!

Yes drop in the bucket-agreed… just like the ACT’s impact on global carbon production – but they have a policy for that! And I note there was no comment on the rest of the post

caf 5:48 pm 17 Aug 07

Paying off debt no longer puts a downward pressure on interest rates, since Australian banks now access international equity markets, in which the borrowings of even our largest states (let alone our own territory’s paltry borrowings) are but a drop in the bucket.

thetruth 5:33 pm 17 Aug 07

So this Teritory was not going into debt to fund infrastructure – like all the other states claimed (so why were they budgeting a deficit?). Why not pay off debt and put downward pressure on interest rates? Who need that? it won’t play nice for Kevin “little John” 07. Here is a go they can jack up the price of land (increasing house prices) – blame the Feds for housing affordability, make a profit, keep existing debt and buy infrastructure (after decommissioning school infrastructure)

Gungahlin Al 1:36 pm 17 Aug 07

Jon Stanhope was on 666 Thursday and said “We can now get on with investing in the infrastructure we so desperately need.” Importantly quote that, so I want to make sure it doesn’t get lost/forgotten.

Gungahlin Community Council is asking for thoughts on appropriate things to spend it on:

Thumper 7:54 am 17 Aug 07

Ferret, the gaol has already blown out.

thetruth 9:16 pm 16 Aug 07

I note that the windfall was the TERRITORY government recieved more LAND revenue. But I thought the feds were to blame for house prices. I am sure Kevin 07 (or “me too” as I heard hime referred to) will soon agree with johnny on this one too.

nyssa76 8:56 pm 16 Aug 07

Growling Ferrett – teachers won’t go on strike for about another 2 years.

Well I won’t be, but that’s roughly when the next EBA is due.

noodle 6:40 pm 16 Aug 07

I heard on radio today that the government underestimated revenue by $200 million. $200 million!!! Why then, all the school closures, worsening bus services and increases in taxes and rates? Why the car park charging fiasco at Canberra Hospital? It’s a scandal. Someone in government should lose their job over this.

Growling Ferret 3:38 pm 16 Aug 07

Its about time for another blowout in Gungahlin Drive, teachers will go on strike and the emergency services will all stop work awaiting a 20% pay increase.

Its lucky the ACT Govt has implemented their large scale money saving ideas such as prisoner labour in the Correctional Facility and a Juve centre that has been downsized often enough so now its a building that will cost $50 mil and store 5 kiddies caught with spraycans

S4anta 3:08 pm 16 Aug 07

govt finances tend be reactive, rather than proactive. Local/state govts tend to have these fluxs and troughs routinely. I am sure that another frivilous bill to protect another bunch of tea wearing hand bags will come on the radar soon. They have been too quiet in this space for far too long.

captainwhorebags 12:32 pm 16 Aug 07

In the Canberra times story, the CM was quoted as saying the following:

Mr Stanhope said the 2006-07 result could have been a one-off.

“It is certainly too early to say that it will be replicated.”

Shouldn’t the people running the place have some idea of the financial state, now and projected? Such a disparity between budgeted outlook and actual results indicates to me that perhaps they aren’t really in touch with the financial situation of the local government. Or maybe this is all normal, I’m not an economist.

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