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Beyond the expected

The ACT Budget improves

By johnboy - 14 February 2011 2

Katy Gallagher is celebrating a dramatic improvement in the Territory’s finances thanks to the runaway housing market.

“The Budget Review shows an improvement of $78.1 million in the Government’s estimated Headline Net Operating Balance and forecasts a budget deficit of $5.8 million for 2010-11,” Ms Gallagher said.

“The improvement to the 2010-11 GGS Net Operating Balance from the $83.9million deficit estimated at the time of the originalBudget is primarily due to a one-off revenue return received in 2010‑11 from a large tax assessment relating to prior years.”

The Treasurer said the improvements to the Budget outlook across the forward estimates were due to a range of factors including:

§ better than expected economic activity, leading to improved estimates for conveyance revenue;
§ a recovery in the financial markets providing a positive impact on investment returns;
§ increases in other own source revenues largely resulting from increased regulatory activity and economic growth;
§ increasing interest rates improving earnings on cash and investment balances; and
§ higher than forecast dividends and income tax equivalents arising from a reassessment of the land release program.

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The ACT Budget improves
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Jindy 7:12 pm 15 Feb 11

What a crock. I don’t know why any reporters even show up to a press conference about the ACT budget, the Labor Party hasn’t gotten it anywhere near right for many years. Anything Katy Gallagher has to say now will turn out to be horribly wrong a couple of months from now

ghughes 5:05 pm 14 Feb 11

The Stanhope Government has underestimated revenue for 10 years in a row. With each half year report the Treasurer apologises for their embarrasment of riches and says its a ‘one off’ and doom and gloom is ahead.
With continued full employment courtesy of the Federal Government, high wages and enormous property prices (ergo stamp duty revenue) – this ‘one off’ will continue for the next few years.
How can the Stanhope Government get it so wrong, so often?

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