The ACT's record budget surplus

Caf, according to the ACT Govt’s budget papers, we’re the last.

DT, I thought we were one of the first jurisdictions to abandon AAS?

Markus, I had read the hard copy article. You’d have to admit the headline, and the “shock result” angle is misleading. Plus, although you allude to the reality behind the numbers in the 7th par, you don’t explain it properly until the 11th. And even then you don’t point out the significance of the different accounting systems.

In reality, there is no story – it’s simply that according to one inadequate accounting system you get a large surplus, but according to a more realistic one you get a deficit. Not as sexy as “schools closing, rates up – but record surplus!”

That makes about a $266M turnaround by my estimates, being as they originally projected a $90M debt.

I would like to get a hold of Standope’s accountant next year for my tax return.

What a sham

Shouldn’t profits on superannuation be ploughed back into making the ACTGOV super liability sustainable in the long term ??

You’re back just in time, Kerces, Markus is visiting … time to get nude!

DT, the article that appeared on the web site was cropped. The issues you raised were reported in the newspaper.

Probably old tricks like capitalising current expenditure and treating capital receipts as current income to produce a surplus on paper.

Just wish he’d piss off and join the BBC or the UN where he could bleat about his social issues to like minded bleeding hearts instead of using the mayoral platform whilst fucking up the local economy.

DT is right about the accounting systems. The old one also counts the one-off lump sums such as from land sales (which obviously can’t be earned again in future years) in the surplus. I feel certain there was a press release with the budget pack explaining about this and that we came in with a big surplus this year under the old system but either only just deficit or only just surplus under the new one.

(Hi I’m back…)

Why on earth would they have ever included things like super gains as profit for budgeting purposes ? Who thought of that one way back when…