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Legislative Assembly for the ACT: 2013 Week 2 Hansard (14 February) . . Page.. 623..


Financial Management Act—consolidated financial report

Paper and statement by minister

MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development, Minister for Sport and Recreation, Minister for Tourism and Events and Minister for Community Services) (3.38): For the information of members, I present the following paper:

Financial Management Act, pursuant to section 26—Consolidated Financial Report—Financial quarter ending 31 December 2012.

I ask leave to make a statement in relation to the paper.

Leave granted.

Mr Smyth: Oh, yes!

MR BARR: At least the shadow treasurer is excited to hear this, Mr Assistant Speaker. I am pleased to present to the Assembly the December quarter 2012 consolidated financial report for the territory. This report is required under section 26 of the Financial Management Act.

The December quarter headline net operating balance for the general government sector was a deficit of $160.4 million. This result was $30.4 million lower than the year-to-date budgeted deficit of $130 million. This decline is largely due to decreased revenues as a result of the timing of New South Wales cross-border health payments and decreased taxation revenues mainly due to the continued softer housing market.

This was partially offset by an increase in revenue mainly due to higher investment balances. Total expenses decreased by $24.1 million associated with the timing of supplies and services expenditure. On an Australian accounting standards basis, the general government sector recorded a deficit of $57.3 million compared to a year-to-date budgeted deficit of $100.7 million.

The territory's balance sheet reflects increases in borrowings as budgeted to support the delivery of the territory's infrastructure program. I am pleased to advise the Assembly that net debt remains negative at minus $74.1 million, indicating that cash reserves and investments are greater than gross debt liabilities. Mr Assistant Speaker, I commend the December quarterly report to the Assembly. I move:

That the Assembly takes note of the paper.

Debate (on motion by Mr Smyth) adjourned to the next sitting.

Budget review 2012-2013

Paper and statement by minister

MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development, Minister for Sport and Recreation, Minister for Tourism and Events


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