Legislative Assembly for the ACT: 2010 Week 13 Hansard (16 November) . . Page.. 5454..
$165 million—again because of a stronger property market, increased payroll and motor vehicle taxes. Queensland, the state that had its rating downgraded, recorded a $1.7 billion turnaround, and South Australia recorded a half-billion dollar turnaround. Western Australia doubled their estimated surplus of $400 million, and even Tasmania recorded a turnaround of $135 million to record a surplus.
So where is the ACT in this mix? How has the ACT, judged by CommSec to be one of the two best performing states, ranked against the other states? I look forward to the Treasurer telling us where the ACT is in this, simply because what you see is almost a steady state. There is no dramatic turn around because, again, this government is not driving the economy; the economy is simply driving itself.
There are a couple of other matters, and they both relate to superannuation. On page 34 of the consolidated report there is a reference to various transaction dealings with the payments of entitlements under the CSS and PSS schemes. I note that the payments for emerging costs increase from $71 million in 2008-09 to $97 million in 2009-10. It appears, however, that the ACT underpaid for these costs in 2008-09. When she rises, perhaps the Treasurer could tell the Assembly why there was such a large increase year on year in the payment for emerging costs and why such a large adjustment was required after the actuary's review of these payments.
On page 35, for instance, of the consolidated reports, there is some commentary on the superannuation liability. The assumptions on which this liability is determined are set out on page 39 for all the members who I am sure are interested in the territory's largest debt. I note that the discount rate that was used during 2009-10 was 5.16 per cent. As the general interest rate environment has started to move up in recent months, I wonder if the Treasurer could advise the Assembly what this means for the determination of the superannuation liability. I certainly look forward to the Treasurer's speech concerning the consolidated annual financial statements, and I look forward to her answers to those questions.
Question resolved in the affirmative.
Financial Management Act—consolidated annual financial statements 2009-2010
Paper and statement by minister
MS GALLAGHER (Molonglo—Deputy Chief Minister, Treasurer, Minister for Health and Minister for Industrial Relations): For the information of members, I present the following paper:
Financial Management Act, pursuant to section 25—Consolidated Annual Financial Statements, including audit opinion—2009-2010 financial year
This report was circulated to members when the Assembly was not sitting, and I ask leave to make a short statement in relation to the paper.