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Legislative Assembly for the ACT: 2016 Week 1 Hansard (11 February) . .

Page.. 263..

by ANU Connect Ventures. The University of Canberra has committed to funding

$250,000, and two other private investors are funding the remaining half a million dollars.

EpiAxis Therapeutics Pty Ltd will be located at the University of Canberra and will collaborate with clinicians at the Canberra Hospital to carry out clinical trials. Mr Jeremy Crisp has been appointed the chief executive officer of the company for an initial six-month period. The company's board will be chaired by Professor Francis Shannon, Deputy Vice Chancellor of Research at the University of Canberra.

This arrangement provides the university with an exciting opportunity to commercialise its research in the treatment of breast cancer. Breast cancer is, as I am sure members are aware, the leading cause of worldwide cancer-related deaths in women. The global market for breast cancer drug treatment is in the order of

$10 billion, and this market is growing rapidly and projected to nearly double by 2023. I commend the work of the University of Canberra and commend this statement to the Assembly.

Financial Management Act—consolidated financial report

Paper and statement by minister

MR BARR (Molonglo—Chief Minister, Treasurer, Minister for Economic Development, Minister for Tourism and Events and Minister for Urban Renewal): 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 2015, including financial instruments signed during the quarter.

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

MR BARR: I present to the Assembly the December quarter 2015 consolidated financial report for the territory. This is required under section 26 of the FMA 1996. The December quarter headline net operating balance for the general government sector was a deficit of $35.7 million. This result was $31.4 million higher than the year to date budget deficit of $4.3 million. Total revenue for the general government sector for the quarter to 31 December 2015 was $2,432.3 million. This is

$21.1 million higher than the December year to date budget of $2,411.2 million.

The major increases in total revenue included higher than expected sales of goods and services revenue of $37.6 million, mainly due to higher than budgeted sales of land rent blocks and higher than anticipated taxation revenue of $16.9 million, which is largely reflective of higher than expected conveyance revenue in the large and small commercial market segments and higher interest revenue of $4.7 million, reflective of a higher level of cash balances held. These increases were largely offset by lower than expected gains from contributed assets of $43.1 million, this being associated with the timing of the transfer of assets from the Land Development Agency and private developers.

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