Page 255 - Week 01 - Thursday, 10 February 2022

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Director of Public Prosecutions—Determination 12 of 2021, dated December 2021.

Full-Time Statutory Office Holder: Chief Executive Officer, ACT Integrity Commission—Determination 10 of 2021, dated December 2021.

Members of the ACT Legislative Assembly—Determination 14 of 2021, dated December 2021.

Part-time Public Office Holders—Determination 13 of 2021, dated December 2021.

Part-time Statutory Office Holder: Integrity Commissioner—Determination 9 of 2021, dated December 2021.

Principal Registrar and Chief Executive Officer, ACT Courts and Tribunal—Determination 11 of 2021, dated December 2021.

Financial Management Act—consolidated financial report

MR GENTLEMAN (Brindabella—Manager of Government Business, Minister for Corrections, Minister for Industrial Relations and Workplace Safety, Minister for Planning and Land Management and Minister for Police and Emergency Services) (2.53): Pursuant to standing order 211, I move:

That the Assembly take note of the following paper:

Financial Management Act, pursuant to section 26—Consolidated Financial Report—Financial quarter ending 31 December 2021.

MR BARR (Kurrajong—Chief Minister, Treasurer, Minister for Climate Action, Minister for Economic Development and Minister for Tourism) (2.54): I am pleased, through the Manager of Government Business, to be able to present to the Assembly the December quarter consolidated financial report for the territory. The report is required under section 26 of the Financial Management Act. I am also very pleased to advise the Assembly that the December quarter headline net operating balance for the general government sector was a deficit of only $218.8 million. This is $245.5 million lower than the forecast year-to-date budget deficit of $464.3 million.

It is indicative of the extraordinary times that we have found ourselves in over the past two years that this outcome, a deficit of only $218.8 million halfway through this financial year, reflects a sign of an improving economic situation. That is exactly what this update represents, an improvement of almost $250 million on our initial forecast. I can advise the Assembly that this outcome is not a result of lower than forecast expenditure, which has broadly been in line with our forecasts. The improvement of almost $250 million on the initial forecast has been driven by an increase in consumption revenue lines linked with increased economic activity.

Total revenues are more than $230 million better than forecast. This includes an increase of $134 million in the projected GST revenue that is, amusingly, recorded as a commonwealth grant, but it is in fact the GST revenue. Additionally, our own-source taxation revenue has improved by $86.2 million, and this has been driven by an improving labour market, higher payroll tax collections and significantly

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