Legislative Assembly for the ACT: 2006 Week 5 Hansard (11 May) . . Page.. 1567..
MR SMYTH (continuing):
Secondly, today Mr Stanhope seems to imply that my reference to $390 million was for the 2005-06 financial year. I have not said that. My comments have always been, clearly, that the information was that if an estimate of the necessary financial savings were not made for the bottom line it would occur in three to four years.
Mr Stanhope presented the following papers:
Financial Management Act—
Pursuant to section 14—Instrument directing a transfer of funds within the Office of Children, Youth and Family Support, including statement of reasons, dated 3 May 2006.
Pursuant to section 19B—Instrument varying appropriations related to the Regulation Reduction Incentive Fund, including a statement of reasons, dated 3 May 2006.
Consolidated financial management report
Paper and statement by minister
MR STANHOPE (Ginninderra—Chief Minister, Treasurer, Minister for Business and Economic Development, Minister for Indigenous Affairs and Minister for the Arts): For the information of members, I present the following paper:
Financial Management Act, pursuant to section 26—Consolidated Financial Management Report for the financial quarter and year-to-date ending 31 March 2006.
I ask for leave to make a statement in relation to the paper.
MR STANHOPE: Mr Speaker, I am very pleased today to present to the Assembly the March quarterly management report for the territory. This report is required under section 26 of the Financial Management Act. At the end of March 2006, the operating result for the general government sector was a surplus of $154 million. The operating result for the total territory was $198 million.
The year-to-date surplus was primarily driven by large gains on superannuation and investment assets, reflecting the very strong performance of financial markets in the first nine months of 2005-06. At the end of March, superannuation-related investment gains were in the order of $264 million, around $61 million greater than the midyear review full-year estimate of $203 million. However, of course, the year-to-date gains on superannuation investments should be treated cautiously as they are dependent on the prevailing market conditions, which can be volatile.
Other revenues continue to trend generally in line with the budget. Expenses to the end of March 2006 were $2,099 million, marginally above the year-to-date expectations. The